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DMCI notes strong demand for project

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.
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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