MANILA, Philippines — DMCI Homes, the property development arm of the Consunji Group, is allocating around P16 billion in capital expenditures this year to expand its portfolio.
DMCI Homes president Alfredo Austria said the company’s 2024 capex, which is slightly higher compared to last year, will be used mainly on project development.
Austria said the company plans to launch four to five projects this year.
“There might be something outside of Luzon, but what is certain is in Metro Manila and then one in Northern Luzon,” he said.
“We have another leisure project coming up probably in the next three months.”
DMCI Homes earlier said it is set to develop its second leisure project in Benguet following the success of the company’s first leisure property, Solmera Coast.
Solmera Coast, a 7.5-hectare is a beach park condotel complex project in San Juan, Batangas, was launched in August last year.
DMCI Homes is targeting to launch the Benguet property, which will be under the sub-brand DMCI Homes Leisure Residences, by the second quarter.
DMCI Homes and Japanese trading conglomerate Marubeni Corp. are also currently developing The Valeron Tower, a 55-story residential condominium that will rise along the thriving C-5 Ortigas corridor in Pasig City.
The P15-billion project is eyed for completion by July 2029.
Total revenues expected for the project is at P22 billion.
“We continue to be optimistic on the property market because in the first quarter this year we had good sales,” Austria said.
“We study carefully the conditions and we’re still very confident that we can provide good value. We will not force to launch a project if we don’t have something better to offer. We make sure that we have the lowest offering, better value,” he said.
DMCI Homes, the Philippines’ first quadruple A developer, recorded P4.6 billion in core earnings in 2023, up two percent year-on-year, driven by better selling prices and higher income from rental and forfeiture fees.