Real Estate Blog PHILIPPINES

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DMCI to complete 10 condo projects

Property developer DMCI Homes Inc. said Tuesday it plans to complete 10 condominium projects with total sales value of P13.9 billion in the second half.

DMCI Holdings Inc. said in a disclosure to the stock exchange the 10 towers had a combined 4,088 residential units, with 3,500 units already sold out.

“The pandemic really battered our productivity. Our projects got delayed by one to three months because of the 76-day work stoppage in the first semester,” said DMCI Homes president Alfredo Austria.

“Since we follow the percentage-of-completion method for revenue recognition, our booked revenues contracted on lower construction accomplishments,” he said.

The ten buildings are parts of Mulberry Place, Lumiere Residences, Calathea Place, Sheridan Towers, Alea Residences and Oak Harbor Residences—the company’s first premium development.

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Article and Photo originally posted by Manila Standard last November 17, 2020 8:25pm and written by Jenniffer B. Austria.