DMCI Homes allots P8B for 2009 capex
abs-cbnNEWS.com | 10/08/2008 8:14 PM
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DMCI Homes Inc., the residential development arm of DMCI Holdings Inc., is setting aside P8 billion for next year's capital expenditures as it speeds up construction of projects due to strong sales.
The said budget is 60 percent higher than the P5 billion spent so far this year.
DMCI Homes managing director Alfredo Austria told reporters tthat they will be launching three to four more projects in 2009 since existing projects have been sold out earlier than expected. On Wednesday, the company launched its three mid-rise condominium developments in Quezon City, Pasay and Las Piñas that will provide it fresh inventories of units for sale until next year.
By 2009, Austria said they will unveil new mid-rise condominiums in Taguig and Parañaque as well as high-rise projects in Pasay.
DMCI Homes project coordinator Adamor Trinidad added that they may also put up a project in Muntinlupa, on a lot they are planning to acquire from pharmaceutical firm Pfizer Philippines. He said they are now doing on-site due diligence.
For the first nine months of the year, DMCI Homes sold 3,641 units—surpassing the 3,577 sold during the entire 2007, according to company treasurer Ma. Edwina Laperal. This is despite a 20-percent price increase across its products due to surging construction material costs.
Austria noted, meanwhile, that demand remains strong since "our prices are still substantially lower than that of our competitors."
