By Zinnia B. Dela Peña (The Philippine Star) Updated November 01, 2010 12:00 AM
MANILA, Philippines - DMCI Homes Inc., the property arm of Consunji-led conglomerate DMCI Holdings Inc., is planning to raise P5 billion through a corporate notes issuance in December this year or January next year.
DMCI Holdings managing director Victor S. Limlingan said the money would be used to beef up its landbank. “Our philosophy is to buy land and turn it around into a project. Our advantage is we can buy land of any shape and build something on it,” he said.
Limlingan said the note issuance is in line with DMCI Homes’ five-year plan aimed at doubling profits and revenues by 2016 as it capitalizes on a booming property market.
He said the company intends to convert some of its short-term notes into five year loans.
The company is eyeing P10.5 billion in sales this year, up 10.5 percent from 2009.
DMCI launched three projects during the first quarter of the year – Cedar Crest (a medium-rise residential development in Taguig City), The Redwoods (a neo-Asian inspired residential village in Fairview, Quezon City and the Iris Tower at the Tivoli Garden Residences (a high-rise garden community in Mandaluyong City.
Five more projects will be introduced to the market in the second half of the year. These include La Verti Residences, a twin high-rise tower located behind the Manila Adventist Hospital on Donada Street in Taft Avenue Pasay; Flair Towers which is a two-tower high-rise along Reliance corner Pines Street near Edsa; Siena Park Residences, a medium-rise development in West Service Road, Bicutan, Parañaque City.
Also in the pipeline is a medium-rise development in Visayas Avenue, Quezon City and another medium-rise property in Muntinlupa on a three-hectare property.
DMCI Homes, which has been building themed communities for the past 10 years with most of its housing units priced below P2.5 million.