DMCI to spend P 9.4 billion on flagship QC project
Property giant DMCI Homes will spend P9.44 billion to develop a new condominium project in Quezon City as the Consunji-led firm further expands in key areas in Metro Manila.
DMCI Homes said in a statement on Friday that it launched the 57-story One Delta Residences on Aug. 20.Tucked at the corner of the busy West and Quezon Avenues, the project is said to be worth P4.88 billion, with the prices of its 276 units ranging from P7.3 million to P21.7 million each.
According to DMCI, One Delta, which was named after the old Delta Theater that used to stand in the area, will feature studio, two-bedroom and three-bedroom units.
READ: Weak energy, real estate pull down DMCI profit
Situated near major public transportation infrastructure—Metro Rail Transit Line 3 and Light Rail Transit Line 1—the project will have a “distinctive facade with lush, vertical greenery embracing its bold architecture,” DMCI Homes said.
It is also located close to key facilities such as Capitol Medical Center, St. Luke’s Medical Center, Quezon City Hall and the Social Security System office.
Article continues after this advertisementThe single-tower One Delta, set to be DMCI’s flagship development in Quezon City, is scheduled for completion in November 2029.Apart from One Delta, DMCI also recently launched The Valeron Tower, its joint venture with Japanese conglomerate Marubeni Corp., in Pasig City along the so-called “C5 Ortigas Corridor.”
Article continues after this advertisementDMCI Homes has so far reached P4 billion in sales from the project, representing 29 percent of its 1,191 units.Completion of the 55-story tower is expected in July 2029.
In the first half of the year, DMCI Homes contributed P737 million to the overall earnings of parent firm DMCI Holdings Inc.
This is down 43 percent due to lower real estate revenues and higher operating expenses.
But DMCI chair and president Isidro Consunji said they expected the property segment’s performance to return to the more favorable prepandemic levels by next year, banking on returns from new projects. —Meg J. Adonis INQ
