Property developer DMCI Homes is expanding its land inventory to prepare for its diversification to new markets outside the National Capital Region.
DMCI Homes’ total landbank has expanded to 150 hectares as of end-March this year from 125 hectares in the same period last year. The current landbank has a total value of P10.2 billion, up by 71 percent from P6 billion last year.
“We have to continue building our landbank as we continue to strengthen our presence in and outside Metro Manila, such as in Davao and Cebu,” DMCI Homes president Alfredo Austria told the Philippine Stock Exchange on Thursday.
“Every year, thousands of new households across different market segments are created all over the country, providing more opportunities for the industry,” he added.
For this year alone, DMCI Homes plans to launch 10 projects worth P104 billion, including its initial venture into the Cebu property market.
Also lined up for launch are new projects in Quezon City, Las Piñas City, Pasig City, Mandaluyong City and Manila.
Meanwhile, two more residential condominium buildings are set to be delivered by the company before yearend. The firm had just completed six other residential structures early this year.
Set for turnover in the second half of 2019 are the Surya and Raja buildings of Alea Residences, the company’s pioneering midrise condominium development in Bacoor City.
Driven by lower costs of development, DMCI Homes posted a net income of P481 million in the first quarter of 2019, a 5-percent increase from P460 million year-on-year.