DMCI to build new vertical structure
REAL estate developer DMCI Homes said it plans to build a new vertical project in 2023 aimed at customers looking at low- to medium-sized properties as it plans to diversify its project portfolio.
In an interview with reporters on Friday, DMCI Homes President Alfredo Asturia said the vertical project will be located in Zamora, Pasay and that they are almost ready to start with the construction.
“We already have the schematics, and we already have the land. Right now, we are only waiting for the land permits in order to get started,” Asturia remarked.
He added the project is around 4,000 square meters and will offer around 900 units. Each unit has a size of around 20 sqm (studio size). Moreover, the estimated price point for each unit is around P2 to P2.5 million and will have basic amenities such as a swimming pool but downscaled.
Meanwhile, DMCI President and Chief Executive Officer Isidro “Sid” Consuji explained that the reason they are exploring other markets and “practicing for the format” is it is getting hard to find land for their usual property format.
“All of project formats are always big, and right now it is difficult to acquire land for big projects. So, as of the moment, we are trying out a new format and see where we will go from there,” Consuji explained.
Asturia added the company is looking to expand as it continues to look for more business opportunities outside of its comfort zone.
“We are looking for new markets because of growth because there is a slowdown in the economy and there is little you can do in a cornered market. Right now, we are offering a bit of our same products but for different markets, or different products but for the same markets,” he explained.
Lastly, according to Asturia, DMCI Homes is expected to surpass its target of P27 billion by the end of 2022 as it is already on pace to reach P32 billion by this year’s end. The company is aiming higher for 2023.
“For 2023, our aim is to get P35 billion as despite inflation pressures and other economic headwinds, Filipinos are already going out a lot and this drives businesses forward,” Asturia said.