DMCI plans to publicly list property arm next year
DMCI Holdings Inc., the listed holding firm of the Consunji family, is planning to take public its property arm by next year.
DMCI chief financial officer Herbert Consunji said the group is looking to raise between P3 billion to P5 billion from the maiden offering of shares of DMCI Homes.
“We hope to do it next year. We’re looking at a market capitalization of P10 billion to P15 billion,” he said.
DMCI Homes has earmarked P3 billion this year for the development of several residential projects in and outside Metro Manila. Of the total, P1.5 billion will go to Tivoli Garden Residences in Mandaluyong, a cluster of six high-rise towers with about 24 to 28 levels each.
DMCI Homes is also building an 86-hectare township in Taguig City dubbed Township Center; Riverfront Residence (a mid-rise community in Marikina), Rosewood Pointe (which will feature two Asian-inspired high-rise buildings and eight medium-rise buildings), Cypress Tower (a high-rise residential building in Taguig) and the Alta Vista Boracay (a condotel-residential community in Boracay).
River Residences is in joint venture with Equitable PCI Bank (now Banco de Oro Unibank) while
Funding will come from internally-generated cash as the company had already sold 350 housing units.
DMCI Homes is targeting middle-income and young families with a net income of P30,000 toP40,000 a month.
The company is eyeing revenues of P8 billion this year, nearly double the P4.3 billion it made in 2006.
Other projects of the company include Sycamore Tower Dansalan Gardens, a three-tower high-rise condominium located in the center of Mandaluyong; The Manors at Celebrity Place in Quezon City, Raya Garden Condominiums in Parañaque, Bonifacio Heights (the first off-base condominium housing project of the Armed Forces of the Philippines in Fort Bonifacio) and Mayfield Park Residences in Pasig City.
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