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DMCI property unit sees robust sales

Published : Monday, August 29, 2011 00:00 [ ]

THE real estate arm of DMCI Holdings Inc. expects robust demand for its projects until next year.

Isidro Consunji, DMCI president and chief executive, told reporters that DMCI Project Developers Inc., which operates under the brand name DMCI Homes, increased its sales reservation target from P13 billion to P18 billion on the back of better than expected sales in the first six months of the year.

Should the company attain its projection this year, this would mark a 22-percent increase from the P14.7 billion in 2010.

Consunji said sales reservation could hit from P20 billion to P22 billion in 2012.

“We expect to grow our sales reservation between 10 to 20 percent every year,” the executive said.

DMCI Project Developers recently launched projects at the corner of E. Rodriguez Avenue and Morato in Quezon City and near the Mall of Asia complex in Pasay City. Two more projects are slated for launch within the year.

Sales and reservations for the first half rose by 45 percent to P10 billion from P6.9 billion in the same period last year on the back of higher demand for housing units from new projects such as La Verti Residences in Taft, Pasay City; the Redwoods in Fairview, Novaliches; Siena Park in Bicutan, Paranaque; and Stellar Place in Quezon City.

Also contributing to better sales was increased take up from existing projects East Raya and Magnolia Place.

The company recognizes real estate revenues using the full accrual method wherein sales are booked when the unit is fully complete and the down payment of 20 percent is already collected.

DMCI Project Developers recognized an 11-percent increase in net contributions to DMCI Holdings for the first half to P845 million this year from P764 million in 2010.

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