DMCI Homes posts strong sales,reservations in Jan-Sept

MANILA, Philippines – Consunji-led DMCI Homes recorded an increase in sales and reservations of  its residential units as of end-September.

In a briefing, officials said DMCI recorded a 35 percent increase in sales of residential units to 5,842  as of end-September  from 4,331 units a year ago.

“The double-digit growth pushed unit reservation sales of DMCI Homes to rise 38 percent to P19 billion from P13.8 billion last year. Top selling projects include Brixton Place, Lumiere Residences and Sheridan Towers, all located in Pasig City,” DMCI Homes said.

By the end of the year, the company would have launched seven projects.

It has so far launched the Alea Residences in Bacoor City, Cavite; Brixton Place in Pasig City and Verdon Parc in Davao City which the company launched in the second quarter; Calathea Place in Sucat, Paranaque City and The Celandine in Balintawak Cloverleaf area in Quezon City.

DMCI Homes is also set to introduce two more projects — Oak Harbor Residences and Infina Towers within the year.

Oak Harbor Residences is a luxury waterfront property in Bay City and the first project under the DMCI Homes Exclusive Line. Prices of units at Oak Harbor Residences range from P9 million to P34 million.

Infina Towers, meanwhile, is a two-tower high-rise project near Katipunan Avenue in Quezon City.

As for ongoing projects, the company announced that 12 new buildings are now ready for occupancy.

These buildings are located in the following projects: Arista Residences, Zinnia Towers, Verawood Residences, The Birchwood, One Castilla Place, Outlook Ridge Residences, and Levina Place.

In all, DMCI Homes recognized a 63 percent drop in net income to P1 billion due to the deferred recognition of revenues from its completed high-rise projects.

The property developer realizes sales earnings only when the unit is fully completed and at least 15 percent of the contract price has been collected, in contrast to industry practice.

DMCI Holdings chairman and president Isidro Consunji said it was only a matter of recognition timing and that eventually, when the projects are completed, the numbers would catch up.