Posted on
January 30, 2013 10:19:20 PM [ BusinessWorld Online ]
PROPERTY
developer DMCI Project Developers, Inc. (DMCI Homes) expects to fully sell
within the year all units at Iris Tower, the latest installment at its
residential hub in Mandaluyong City, as demand for the project’s
resort-inspired amenities and features continues to grow, a company executive
said yesterday.
“We don’t have a definite date, but we are
hoping very soon, because by March it will already be ready for occupancy. We’d
love for that to happen within the year,” Antonette L. Atienza, DMCI Homes
corporate marketing and communication officer, said in an interview on the
sidelines a project briefing in Mandaluyong City yesterday when asked when the
company expects Iris Tower to be sold out.
Iris Tower is
a 645-unit, 42-storey residential building located in Tivoli Gardens
Residences, DMCI Homes’ five-tower, high-rise development located on a
2.7-hectare lot along Coronado Street in Mandaluyong City.
Other
completed towers in Tivoli Gardens Residences are the Bauhinia, Eugenia, and
Heliconia Towers.
Iris Tower
also has The Observatory, a 1,628-square-meter roofdeck promenade with
landscaped walkways, observation decks telescopes, seating areas and
floor-to-ceiling glass walls, affording guests with a 360-degree view of the
city skyline.
“Start-up
families, young couples, singles and urban professionals will find Iris Tower’s
varied condo units the perfect home,” DMCI Homes said in a statement yesterday.
READY BY
MARCH
Iris Tower,
which has been 80% sold since its launch in November 2009, should be ready for
occupancy this March, Joseph B. Carizo, DMCI Homes project development
specialist, said in a separate interview.
Ms. Atienza
attributed the robust sales of Iris Tower to the Tivoli Gardens Residences’
resort-like features that are marketed as being unique in Metro Manila.
“In Metro
Manila, Tivoli Gardens (Residences) is the only resort-inspired community. When
you come inside, the environment already changes, and buyers like authentic
resort living,” Ms. Atienza said. “Security is also a factor, as well as
nearness to CBDs (central business districts) and other places of interest.”
Tivoli
Gardens Residences’ units are decked out in tropical modern design and are
available in studio, two-bedroom, and three-bedroom configurations, with gross
floor areas ranging from 25 to 119.50 square meters per unit, the company’s
statement read.
The fifth
structure at Tivoli Gardens Residences, Hibiscus Tower, has also been reporting
robust sales to date.
“We launched
Hibiscus in July 2011, and to date, it is already 60% sold out. It will be
ready for occupancy in September,” Mr. Carizo said.
DMCI Homes is
the unlisted property arm of listed DMCI Holdings, Inc. It has recently
undertaken fund-raising and land banking transactions.
The property
firm in March last year acquired for P500.22 million three lots along Sheridan
Street, Mandaluyong City that used to be owned by Swift Foods, Inc., boosting
the former’s land portfolio by an additional 11,116 square meters.
In October
last year, it raised P10 billion from the issuance of seven-year, fixed-rate
corporate notes, to be used for project development, construction, real estate
acquisitions, and general corporate spending.
DMCI Homes
grew its net income by 46.40% to P1.83 billion as of September last year from
P1.25 billion in the same nine months in 2011, driven by an increase in
revenues from its projects, which rose by 45.10% to P7.4 billion from P5.1
billion, according to DMCI Holdings’ end-Sept. 2012 financial report.
DMCI Holdings
was incorporated in 1995 as a holding company to consolidate the Consunji
family’s businesses, including investments in construction and mining.
Shares of
DMCI Holdings lost 10 centavos or 0.18% to close at P55 yesterday from P55.10
last Tuesday. -- F. J. G. de la Fuente
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