DMCI Homes builds P6-B ‘Moncello Crest’ condotel in Benguet
MANILA, Philippines — DMCI Homes Leisure Residences, the leisure brand of the Consunji group’s DMCI Homes, plans to spend P6 billion to develop a new condotel project in Benguet and serve a growing demand for vacation homes outside the capital region.
DMCI Homes said in a statement on Wednesday that they were already offering 522 units in Moncello Crest’s Blanca building for pre-selling, following the project’s launch last month.
Marketed as a condotel, Moncello is located within the municipality of Tuba, which is around five minutes away from Baguio City, a top tourist destination in Northern Luzon.
READ: DMCI Homes sets P16-B kitty for new builds
According to DMCI Homes, prospective buyers can offer their units for rent under the developer’s individual rental pool program to earn profits.
Hotel operator
Unit owners may place their properties under the management of a hotel operator, and the owners will get 30 percent of rental revenues.
“Assuming a 35-percent occupancy rate for the property, unit owners at Moncello Crest may earn about P16,300 monthly from a 35-square-meter studio unit, and about P42,700 for two-bedroom units,” DMCI Homes explained, citing internal projections.
“Investing in Moncello Crest gives owners the best of both worlds as they can earn from the property on most days and use the units for the occasional breather,” it added.
READ: DMCI Homes expands Luzon footprint
Moncello Crest, which will feature Filipino decorations and structures, is DMCI Homes Leisure’s second project since the company was launched last year.
The developer in 2023 opened Solmera Coast, its first condotel project, in San Juan, Batangas province.
Last month, DMCI Holdings Corp. chair Isidro Consunji said they expected DMCI Homes’ sales to return to pre-pandemic levels by next year, banking on returns from new projects.
Lower revenues pulled down the earnings of DMCI Homes in the first quarter of this year by 12 percent to P879 million.
According to Consunji, they still had excess units that were ready for occupation, as the pandemic tempered consumer demand. The company is working on selling these extra units, he said
DMCI Homes plans to spend P16 billion this year to launch up to five new projects catering to middle and upper-middle class segments in the National Capital Region and nearby provinces.
