DMCI allots P3B for residential projects this yr

DMCI Homes, the property arm of the Consunji-owned DMCI Holdings Inc., is spending P3 billion this year for the development of several residential projects in and outside Metro Manila.

DMCI Homes managing director Alfredo Austria told reporters that P1.5 billion of the total capital budget will be channeled to Tivoli Garden Residences in Mandaluyong, a cluster of six high-rise towers with about 24 to 28 levels each. Austria said the balance will be used to fund other projects which include the 86-hectare township in Taguig City dubbed Township Center, Riverfront Residence (a mid-rise community in Marikina), Rosewood Pointe (which will feature two Asian-inspired high-rise buildings and eight medium-rise buildings), Cypress Tower (a high-rise residential building in Taguig), and the Alta Vista Boracay (a condotel–residential community in Boracay).

Austria said River Residences is in joint venture with Equitable PCI Bank while Cypress in in partnership with listed holding firm Crown Equities Inc. He said funding will come from internally generated cash as the company had sold 350 housing units. He said the company is targeting middle-income and young families with a net income of P30,000-P40,000 a month.

Austria said DMCI Homes is eyeing revenues of P8 billion this year, nearly double the P4.3 billion it made in 2006. DMCI Homes offers a 10-percent move-in policy, allowing investors to enjoy the comforts of their new homes in the soonest possible time.

Other projects of the company include Sycamore Tower Dansalan Gardens, a three-tower high-rise condominium located in the center of Mandaluyong; The Manors at Celebrity Place in Quezon City; Raya Garden Condominiums in Parañaque; Bonifacio Heights (the first off-base condominium housing project of the Armed Forces of the Philippines in Fort Bonifacio); and Mayfield Park Residences in Pasig City.