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DMCI Homes will soon ride the booming residential condominium market in Cebu City via a P20-billion development as the company further expands its reach outside Luzon.
The Consunji-led property developer on Monday said it would build a four-hectare project within Barangay Guadalupe in the country’s second-largest metropolis.
“Cebu City’s robust economy and growing demand for quality homes make it an ideal location for our expansion,” Dennis Yap, DMCI Homes vice president for project development, said in a statement.
“Cebu is a rapidly growing market with great potential … We look forward to making a positive impact and contributing to the city’s growth,” Yap added.
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DMCI Homes had planned to expand to Cebu before the pandemic, but COVID-19 restrictions and challenges temporarily halted its plans.
Cebu is currently emerging as among the top choices for investors in the property industry, according to real estate brokerage firm Leechiu Property Consultants.
In a recent report, Leechiu said the city ranked fifth overall with 1,929 keys in the pipeline in the next five years.
Apart from the real estate industry, DMCI Holdings Inc. has also entered the infrastructure segment in Cebu via DM Consunji Inc., which was part of a consortium that built the Cebu-Cordova Link Expressway.
Its other projects in Cebu include Shangri-La Mactan Resort and Spa, the Ayala Life Cebu office building and Ayala Center Cebu.
At present, DMCI Homes has 72 completed developments across Metro Manila, Cavite, Baguio City, Boracay, and Davao City.
In August, DMCI Homes said it would spend P9.44 billion to develop a new condominium project in Quezon City.
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The 57-story One Delta Residences was launched on Aug. 20 and said to be worth P4.88 billion. Its 276 units are priced between P7.3 million and P21.7 million each.
Apart from One Delta, DMCI Homes also recently launched The Valeron Tower, its joint venture with Japanese conglomerate Marubeni Corp. The company has so far reached P4 billion in sales from the project, representing 29 percent of its 1,191 units.
In the January to June period, DMCI Homes contributed P737 million to the overall earnings of parent firm DMCI Holdings, down 43 percent due to lower real estate revenues and higher operating expenses.