Mortgage market

‘So much in interest income is lost by transferring the mortgage to another lender. The bank gets back the loan but sacrifices future interest income.’ 

It is not the lesson from the collapse of the home mortgage market in the United States in 2008 that might have prevented the creation of a secondary home mortgage market in the Philippines.

There is no reason not to have a thriving secondary home mortgage market in the Philippines. If there is any at all, it may well be the low-interest-rate regime that has ruled the local financial world over the years.
Interest rates are low only in short-tenor investments. They are not that low for home mortgages with banks. The redemption period could be as long as 15 or so years.

One way of looking at it is the bank that lends the money to a borrower to buy a home sits on the mortgage that long and, in fact, waits for maturity. Instead of lending long, the banks could very well find other investments that may produce the same yields over a shorter period, shorter than the tenor of home loans.
This is more in the mind than in the market place. The simple fact is that, this time learning from the US experience, the danger of a mortgaged home being foreclosed by the lending bank has become minimal.
While there is a “rat” race especially for property developers to find buyers for their apartments, there is at the same time a caveat before loans are given to borrowers. The banks today are remarkably more careful in lending money not only to property but practically to all types of borrowers.

It is now relatively easier to get a loan to buy a car than to get a bank to agree to finance the construction of a home. Car loans have shorter tenors, the longest being about five to seven years.

Loans for apartments (or condominiums as they are called only in the Philippines) are paid over a longer period. The capacity of borrowers to pay is minutely scrutinized before the borrower is given a loan.

That must be the reason the default rate in the property sector is said to be less than 3 percent or thereabouts. If this is so, why do the banks seem to be rather indifferent in moving towards having an organized secondary mortgage market? Such a market would move money much faster and consequently attract more borrowers.

My answer or guess is the fact that in the present regime of low interest rates, it is not easy to find investments that produce at least 5 percent in fixed-income securities, not in sovereign liabilities.
On the other hand, yields on longer-term loans to the property sector can produce interest income of 10 percent or more, compounded annually. The rate is still reasonably low to the borrower but is considered high by the lending banks considering, as said above, that fixed income securities hardly produce 5 percent a year.

Given this situation, why would a bank transfer a home mortgage to another institution to lay its hands on more money? There seems to be no rhyme or reason to do so. The system is extremely liquid.

The lending banks do not have a penchant to transfer home mortgages to a competing bank because they want to keep the profits from interest on the loans.

Banks, particularly those with universal status, have come up with so many non-bank products precisely because loan demand is relatively low. They must come up with products that produce profits with “maximum” yields with minimum risks.

Property loans are such investments. It is for this reason that a bank would sit on a home loan and make interest income rather than transfer the borrower’s obligation to another institution for more money.
There is better sense to sit on the loan and wait for higher interest income compared with other just as risky or less risky lending.

Without the benefit of solid information, I would guess that the banks are reasonably comfortable with their home loan clients. They must be amortizing their obligations on time and paying more in interest compared with shorter tenor loans.

There is no reason to transfer the risk to another institution. So much in interest income is lost by transferring the mortgage to another lender. The bank gets back the loan but sacrifices future interest income. Of course, there is the comfort of averting a possible default, which hardly happens at present.

The bank must look for an instrument using the money produced by transferring the mortgage. Why do so when the mortgage a bank is sitting on is doing relatively well in terms of higher yields and hardly defaulting amortization?

There are clear indications that the market for property has the capability to pay. One of the better signs is the way DMCI Homes sells its apartments. The company practically gets the money for construction from its buyers. It pre-sells the apartments before it even breaks ground. It makes an income or revenue from prepayments.

DMCI Homes has one simple trick very few property developers are able to perform. When DMCI Homes promises the prepaid buyer his home on a specified date, the company actually makes sure the unit or apartment is ready for occupancy three months before the promised delivery date.

Towering urban resort lifestyle at Zinnia

Business Mirror - WITH the rapid urbanization that comes with a fast-paced lifestyle, it’s indeed quite impossible to find peace and solitude in the bustling metropolis. Such a trend even expands to suburbs that are slowly embracing progress and development, limiting the search of some urbanites for the bliss they truly deserve and forcing them to set their eyes beyond the Metro’s horizon.

Cherrie Lyn Cruz, marketing manager of DMCI Homes, however, says, “Not anymore.” She explained: “Our latest project in Quezon City—Zinnia Towers—is an ideal home for mobile professionals and start-up families who are looking for a serene, exclusive and secure place or sanctuary here in the busy backdrop of the city.”

Targeting the end-users and upgraders from Quezon City, as well as the neighboring cities of Manila, Pasig and Camanava area all the way to North Luzon, Zinnia Towers is designed to be a perfect home for professionals and young independent families working their way up in life.

“This is our gateway from North Luzon,” Cruz noted, citing that more than the promise of luxury and prestige, its strategic location brings to them the reality of a safe, comfortable and peaceful high-rise, urban lifestyle they hardly find in other similar developments nearby while giving them easy access to various places of interests.

Joining the five Quezon City residential projects of leading property developer DMCI Homes, Zinnia Towers will soon rise on a sprawling 1.9-hectare property along the dynamic vicinity of North Edsa. The entire development will have two high-rise condominium buildings—the North and South towers—each standing up to 35 floors dedicated for housing complemented by eight parking levels.

Approximately, both structures will have a combined total 1,662 units, 836 of which will be housed at the North Tower and the remaining 826 at the South Tower. Designed to attract discriminating homebuyers, unit mix options are one-bedroom, two-bedroom and three-bedroom spaces ranging from 25 to 85 sq m. For the North Tower, which is in the construction and pre-selling stage, 7 percent of the total inventory is dedicated to studio units, 34 percent for one-bedroom units, 42 percent for two-bedroom units, and 7 percent for three-bedroom units. 

According to Engr. Gerardo Ancheta Jr., vice president of Engineering Design and Construction Division of DMCI Homes, the units can be designed to suit the market’s varied requirements due to their flexibility. But since all the units will be turned over with first-rate finishing and fixtures, he said there’s no need for some modifications or alterations upon acquisition.

Mindful of giving its future residents a first-class condo living experience, DMCI Homes allocates 70 percent of the land area of Zinnia Towers to festive gardens and various lifestyle amenities.

For the outdoor lovers, they have many options, such as the pool complex with its own provision of gazebos and cabanas, a palm promenade, koi pond, barbecue pit, picnic grove, children’s play area, open field, jogging paths, badminton court, well-landscaped open areas and garden trails, and the main clubhouse. On the topmost level, they have additional havens at the sky park and roof deck garden for relaxation, play and socials.

Those who are indoor-bound, on the other hand, have places to frequent to, such as the fitness gym, entertainment or game room, and the reading area. There’s even a multi-purpose hall that can double as a private venue for business or social gatherings.

Zinnia Towers will also feature a convenience store, laundry shop, water delivery service, six high-speed elevators, one centralized mail room per tower, Wi-Fi-ready indoor areas, stand-by power generator, as well as CCTVs in common areas, 24/7 roving guards and guarded entrance gate. A professional team of property management office personnel will also be available throughout the day.

DMCI’s signature trademark, the Lumiventt Design Technology, is apparent in all its high-rise projects in different parts of the metropolis. This allows the maximum entry and flow of natural light and air inside the structure.

Not to be ignored also are the central atriums on every five levels of the building, which bring in the feel of the outdoors through gently manicured greens and organic landscaping. The single-loaded, double-row configuration of the tower makes each condo unit open to the view of the corridor, instead of the neighbor’s door.

“We have a standard pricing to all of our projects. I believe we have the lowest cost for construction. DMCI Homes is also linked with the DMCI construction group of the company, wherein we already have equipment and our own formwork system. We also do the construction ourselves. In fact even the design for the architecture is in-house. We only outsource the other trade designs just like the electro-mechanical and structural works. So, in terms of construction, we would say that more or less we are about 20 percent lower than the other developers,” explained Ancheta.

Cruz says DMCI Homes offers condo units at Zinnia Towers for P73,000 per sq m, which is lower than its competitor’s offering within the vicinity. The pricing scheme, she said, has contributed to the brisk sales as early as the pre-selling stage of the first building.

“We officially launched the project in June 2012 and started constructing the first building in November. By December, we already sold 30 percent for North Tower. Just like our other developments, we expect to sell out the first tower in about one-and-a-half years with a total sales value of around P2 billion. More or less, construction activities will be finished by end of 2015. So we intend to turn over the units at North Tower in May 2016,” Cruz disclosed.

Taking pride in D.M. Consunji Inc.’s (DMCI) legacy with almost 60 years of expertise in the construction and development industry, Cruz looks forward to Zinnia Towers’ imminent success and its company’s continued developments of modern-day living solutions for urban families built with world-standard craftsmanship.

For more details on Zinnia Towers you may contact Reby Ramirez @ 0919.699.3572 / 0916.4044.555 / 0922.883.9308 / 02-4044-534 or e-mail at reby_ramirez@yahoo.com

For latest update on real estate development and its RA 9646, the Real Estate Service Act of 2009, visit www.ra9646.com.ph.

DMCI Homes Sees Increase in Philippine Real Estate Rental Market Growth by the 2nd Half of 2012

DMCI Homes sees the booming presence of Business Process Outsource (BPO) can strengthen the market of residential leasing, where a significant part of the over- all composition of tenants acquired by its leasing department are 59% local residents and 41% foreigners.

As time goes by, more and more residents are looking for a home that offers convenience in location and most would trade location but end up on a cramped condominium. Property giant DMCI Homes did just know what to do through understanding the market and providing the essentials by offering them quality home rentals for resort style living. Today, Start-up families and Expats are realizing that a DMCI Homes development satisfies their needs.   

Alfredo R. Austria, president of DMCI Homes, always quotes “Anchor your service on the value proposition of our company.” This statement has guided the Leasing Department to realizing its mission of providing convenient, value added leasing services to clients who expect a good and sound return of investment.

“In the thriving industry of real estate, leasing takes part in keeping the business in balance. Rent or Lease is an add on flavor, a spice in the field of real estate business as it provides income to unit owners who choose homes to be their investments. In my 16 years of experience in the industry, I have seen the crunch and punch cycle of the property market and indeed, competitors have widely increased nationwide, and the challenge is how to achieve our mission. As I would share to the whole department, a unit rented must equivalent to Two Happy customers our tenants and our unit owners.”, Rida Ferrer, DMCI Leasing Manager added.

Crafted with 60 years of experience in construction, DMCI Homes takes pride in its developments. With resort-inspired amenities, wide-open spaces, emerging communities and ideal locations, residents can finally enjoy a more comfortable and meaningful way of life where they can “Feel Real Good to be Home.”
These developments boast of modern urban lifestyle communities that redefine modern living in the metro. Granted to any member of the society: from singles, with families, vacationers to businessmen, one can surely find more-than-just-the essential amenities where everyone are to enjoy, such as swimming pools, gym, function rooms for events, conference rooms for business meetings, and sky lounges. To address more of the residents daily needs, additional services such as convenience stores, salon and spa, laundry and housekeeping, and Day Care Center are also found in our communities to make home extra pampering.
Development locations are established all over the key cities of Metro Manila: Acacia Estates- Taguig; Tivoli Gradens- Mandaluyong; and Ohana Place- Las Piñas, cited to be where most of the leasing action is. Proximity to the rich districts of Makati City, Fort Global City, and Alabang Muntinlupa favors the communities. The presence of Business Process Outsource (BPO) strengthens the market of residential leasing, where a significant part of it completes the over- all composition of tenants acquired by the Leasing Department: 59% local residents and 41% foreigners. Others are derived through referrals.

The DMCI Homes Leasing Services (DHLS) Department has uncompromisingly shown a GREAT number of increase on its lease performance for the 1st quarter of 2012. An average of 259% increased in rental activity from last year exceeding its target at an average of 104%. More contracts will be expected to close on the nearing months, as DMCI Homes opens new apartments for rent in Quezon City (Accolade Place – P. Tauzon), Maricielo Villas – Las Piñas, Sienna Park – Parañaque City and High- Rise Buildings, Rawai and Kamala at Royal Palm Residences – Taguig City. Also, by the month of September to December, the number of short term tenants will rise due to vacationers and balikbayans who will be staying for the holidays. With this anticipation at hand, DMCI Leasing has expanded offices at Acacia Estates - Taguig, Tivoli Gardens Residences - Mandaluyong, and Ohana Place - Las Piñas, to better provide faster services to unit owners.

Vacationers nowadays prefer apartments for rent as retreat homes under short term lease instead of booking in hotels. With condominiums, they get lower rental cost as compared to hotels, and yet with DMCI developments, they also get both affordability and resort style living as they select from their favorite destination.


DMCI Homes aspires to expand its network, as influenced by the growing number of clients, both tenants and unit owners. With this objective, comes its first Leasing General Assembly last June 22, 2012 in approach to empowering its quality people, and giving recognition to leasing officers, leasing specialists, and agents with outstanding performances. Highlighted are the benefits of being an accredited agent/ broker of DMCI Homes Leasing Services as it opens doors to residential leasing of 23 developments and as- to- date 12 upcoming projects, plus, selected leasing of commercial and office spaces that offers promising commissions.

DMCI’s first commercial center, whose construction is in full swing, is situated at Acacia Estates. SaveMore will be operating its supermarket, and surrounding it are restaurants, alfresco, and other shops that will complement the needs and lifestyle of the Acacia community. With the availability of a commercial complex, it will surely be an attraction to more future tenants in Taguig City.

Also, located in the area is Mahogany Place III, the latest addition to DMCI Homes exclusive subdivision developments. Its access to Bonifacio Global City and Makati, makes it a sure provider of the conveniences present in- city living. Another set of new house and lots are for lease at Mahogany Place III. You can choose from a single detached, duplex, and townhouse units.

Moreover, DMCI Homes Leasing Services Department in its constant desire to improve services has recently tied-up with the country’s biggest communication company, SMART communication, as they provide SMART INFO Board, a broadcast facility where clients can now receive regular updates on the status of their units and other leasing activities through their mobile phones for FREE.

Also, DHLS has released its first community directory, last May 2012, where residents of DMCI Homes communities acquire free subscription of the said magazine. The first issue was successful and was well appreciated by unit owners as it provided information on deals and services they can avail within the community. With its success, a quarterly release of the magazine will be provided.

With all the success Leasing Services Department has gained, now is an opportunity to experience living in a responsive society. DMCI Homes will help you realize your dream of either vacationing or aspiring to stay in an exclusive, welcoming, and resort-inspired community.

Set your dreams in motion. Make it a reality by making the smart choice. The well- thought out choice. The choice that is, DMCI Homes, through DMCI Homes Leasing Services.

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DMCI Homes Leasing Services (DHLS) is the Official property leasing management unit of triple A builder/developer DMCI Homes. The service aims to enhance property values and the marketability of DMCI Homes residential developments - primarily for its local as well as overseas buyers who eventually want their homes to be working investments, without the hassle. It is dedicated to providing quality home rentals to a wide range of clienteles opting for short term or long term lease stay in an exclusive home.

For latest update on real estate development and its RA 9646, the Real Estate Service Act of 2009, visit www.ra9646.com.

 

DMCI Homes set to continue with controversial development

Businessworld - DMCI Project Developers, Inc. (DMCI Homes), the wholly-owned property arm of listed DMCI Holdings, Inc., is likely to move forward with Torre de Manila, its controversial condominium project near the Rizal Monument even as it looks to tackle the project’s violation of Manila’s local zoning code.

“I think we’ll push through [with Torre de Manila]. The Manila city council just had a few comments on the project, which we will try to address,” Isidro A. Consunji, DMCI Holdings president and chief executive, told reporters following DMCI Holdings’ annual stockholders meeting in Makati City on Wednesday.

He declined to elaborate, however, if there will be significant changes to the condominium’s plans moving forward.

DMCI Homes is currently building Torre de Manila, a resort-inspired condominium on Taft Avenue in Manila’s Ermita district.

Cultural activists protest that the proposed 41-storey development would mar the view of nearby Rizal Monument as depicted in artist’s renderings on the project’s Web site.

Following a recent investigation, the Manila city council ruled that DMCI Homes violated Ordinance No. 8119, which adopts Manila’s land use plan and zoning regulations, despite previously securing required building permits.

“Torre de Manila is only allowed a maximum floor area ration (FAR) of 4. However, the floor area of Torre de Manila is approximately 66,256 square meters. Based on their plans and after the construction of the condominium, the FAR [of Torre de Manila] will be 7.79,” the Manila city council said in a resolution dated July 12.

The same resolution recommended the filing of a case against DMCI Homes for the said zoning violation. Meanwhile, Mr. Consunji defended Torre de Manila’s viability, noting modest demand resulting from the area’s underserved status.

“We’re now in the process of introducing the project to the market, and so far, initial response [in terms of pre-sales] is quite encouraging. The area is really underserved -- there are a lot of offices, hospitals, and government buildings, but not so much residential,” Mr. Consunji said.

DMCI Homes has allotted P8 billion in capital expenditures to bankroll its property projects this year, to be supported by the company’s growing land bank.

Last March, DMCI Homes acquired three lots on Sheridan Street, Mandaluyong City previously owned by food firm Swift Foods, Inc. for P500.22 million.

This boosted the developer’s land portfolio by an additional 11,116 square meters, earlier reports said.

DMCI Homes saw its first-quarter net income surge by 81% to P405 million from P224 million last year, brought about by a 51% uptick in housing sales to P1.7 billion from P1.1 billion last year due to the completion of earlier-sold units in Metro Manila.

The developer’s parent, DMCI Holdings, was incorporated in 1995 as a holding company to consolidate the Consunji family’s businesses, component companies, and related interests, including investments in construction and mining apart from real estate.

The listed company earned a net income of P2.67 billion for January to March, up 17.62% from P2.27 billion last year as profit despite declines in its flagship coal and construction units.

Revenues, mostly from coal sales and construction contracts, rose by 20.35% to P13.01 billion versus P10.81 billion, year on year, while cost of sales and services grew by 31.19% to P8.79 billion from P6.70 billion in the same period last year.

For more details on Torre de Manila and other DMCI Homes projects, you may e-mail reby_ramirez@yahoo.com or contact her at 0922.883.9308 / 0916.4044.555 / 0919.699.3572 / 4044-534.

For latest update on real estate development and its RA 9646, the Real Estate Service Act of 2009, visit www.ra9646.com.

DMCI Homes' Illumina Residences Manila primed for RFO market, readies new parking bldg

The Illumina Residences Manila stands apart from the rest of the structures in the community located along V. Mapa and P. Sanchez streets in Sta. Mesa. | Zoom

(The Philippine Star)  - The Illumina Residences Manila stands apart from the rest of the structures in the community located along V. Mapa and P. Sanchez streets in Sta. Mesa. It is the only high-rise structure that’s towering at 32 story ensuring that future homeowners will be able to enjoy an unobstructed view of downtown Manila no matter the time of the day. The building was ready for occupancy since last April 2011, making it a top choice for young families who are looking for a ready-to-move in property.

With the project almost 80 percent sold as of June 2012, the remaining available units also compliment the urban lifestyle of Illumina Residences Manila. Offered are two-bedroom and three-bedroom units with gross floor areas of approximately 57 sqm to 101.50 sqm. These generous unit cuts are made with the start-up or growing families in mind. A new parking building has been constructed to further serve the needs of these families by satisfying the parking demands in the project. The new three-level steel carpark structure has 82 units; 66 of which are for sale to future homeowners.

Aside from the height, the simple, yet highly-modern façade of the building creates a stunning skyline within the neighborhood. Illumina Residences Manila lights up beautifully at night, courtesy of its unique blue rope lights and wall washouts which create an interesting outline when seen from afar. A closer look of the building and one is sure to be awed by the pretty glow it casts – truly a modern touch to the otherwise minimalist atmosphere of the new condominium. Add to that, the driveway is strategically lit-up to welcome homeowners to a modern living environment.

This modernity is mimicked into the grand drop-off area and sophisticated lobby that’s manned by an able concierge. The set-up is a prelude to the vacation lifestyle that’s currently being promoted in this new development. Illumina Residences Manila aims to provide a home setting that will remind one of a relaxing stay at a favorite hotel or resort.

Aside from the tastefully designed lobby, a lounge area and function hall that’s visible on the ground floor also imbibes the metropolitan atmosphere of the whole development.

Small home tasks such as laundry and garbage disposals are not a problem with available facilities and services. A property management office will also take charge of building upkeep and 24 hour security for one’s peace of mind. Add to that are other conveniences such as management of a convenience store and water refilling station, move-in assistance for future residents, taxi call-in service, utilities application and payment assistance.

And since it’s from DMCI Homes, one will be able to enjoy the developer’s pioneer single-loaded hallway design: homes open to a landscaped atrium instead of a neighbor’s door, and ensuring natural illumination and free-flowing air – cutting on energy wastage.

DMCI Homes is a company of innovative builders and engineering experts that develop modern day living solutions for urban families. Each of its developments is built with world-standard craftsmanship borne from almost 60 years of expertise in the construction and development industry. Its corporate philosophy is anchored on a deep understanding that buying a home is more about investing in a better way of living. Thanks to feature-rich, ideally located communities, residents can finally enjoy a more comfortable and meaningful way of life where they can feel real good to be home. To know more about DMCI Homes, you may e-mail reby_ramirez@yahoo.com or contact her at 0922.883.9308 / 0916.4044.555 / 0919.699.3572 / 4044-534.

For latest update on real estate development and its RA 9646, the Real Estate Service Act of 2009, visit www.ra9646.com.

Swift Foods moves to sell land to DMCI

March 23 2012, Mutual Fund Philippines - SWIFT FOODS, Inc., has moved to sell three lots in Mandaluyong City worth P500.22 million to real estate firm DMCI Project Developers, Inc., a disclosure to the Philippine Stock Exchange on Friday showed.

Following a board meeting, the company’s board of directors reportedly authorized the sale of three parcels of land along Sheridan St. to the Consunji-led developer.

The three lots, which are covered by transfer certificate of title numbers 136988, 22622, and 22623, have a total land area of 11,116 square meters (sq. m) valued at P45,000 per sq. m.

DMCI Project Developers, a wholly-owned unit of listed DMCI Holdings, Inc., currently has 26 housing developments located in Metro Manila, Rizal, and Boracay.

The property developer already has two projects in Mandaluyong City: the three-tower Dansalan Gardens on Boni Avenue, and the five-tower Tivoli Garden Residences on Coronado St.

Swift Foods, for its part, was incorporated in 1994 to assume RFM Corp.’s business of manufacturing, marketing and distributing processed and canned meat products, poultry products, and commercial feeds.

The company posted another net loss for the January to September period last year worth P69.91 million.
Shares of Swift Foods rose by 0.76% to P0.133 on Friday from P0.132 at its previous close. — Franz Jonathan G. de la Fuente

For latest update on real estate development and its RA 9646, the Real Estate Service Act of 2009, visit www.ra9646.com.

‘Father of construction’ continues to build with passion

By: Theresa S. Samaniego   Philippine Daily Inquirer

David M. Consunji is a “builder” first and foremost.

Although the 90-year-old construction magnate has successfully made a mark in the local real estate industry that he is now heralded as the father of contemporary construction industry, Consunji continues to stress that he is a builder, who derives satisfaction not from making money out of his projects, but from putting up structures and real things that brought real benefits to other people.

It was this passion that enabled Consunji to give the Philippine construction business a whole new meaning, transforming the industry from being just an occupation or a livelihood to a passion, a calling.

“One must love his work and be proud of it, and this, combined with hard work, will allow him to achieve skills and work quality,” says Consunji in an exclusive interview with Inquirer Property.

Concrete mixer
But what really tested his mettle and his dedication to be a builder happened when he was about to start his business: when he bought a one-bagger concrete mixer (sometime in 1949) for P500, as Consunji then believed that to be a builder, he must have a concrete mixer.
While the mixer was being refurbished, a prominent builder offered him P3,500 for the mixer, which was five times the value of what he originally paid. Though a tempting offer, Consunji decided to keep the mixer instead as this was his tool to build, adding that if he sold the mixer, he would only earn once and may miss out on the opportunities that lay in the future for him.

That was, according to Consunji, a defining moment because then, it was no longer a question of financial gains.

To quote his memoir: “To me, accepting [the] offer would have been like a violinist or a flutist selling his instrument—treating it like a commodity to buy and sell. And of course, that would be unthinkable for a genuine musician. The concrete mixer was my equivalent of a violin. It was the tool which formed the basis of my calling.”

Apprenticeship

THE CHURCH of the Holy Sacrifice was completed by DMCI in the mid-’50s.

Consunji recalls that prior to starting DM Consunji Inc., he apprenticed “for four months without pay to be a builder, gradually learning about real estate and land development.”

He credits his cousin Ricardo Consunji, who had 10 years of experience in the construction industry ahead of him, for teaching him the rudiments of the trade—how to make an estimate, how to make a summary of items of work for a project, how to prepare for a bid and how to manage the construction projects.
Following his apprenticeship at Sta. Clara Construction, Consunji took on several more jobs and headed numerous construction projects, and at the same time, taking on small projects independently.

Life-changing decision
By 1950, Consunji finally made a life-changing decision: to “do construction work on my own.”
During the early ’50s, the company, a sole proprietorship that started off as David M. Consunji Civil Engineer Contractor, has begun bidding and taking on contracts, the first of which was for a timekeeper’s booth of oil firm Stanvac (now known as ExxonMobil), to be followed with the construction of chicken houses for a government agency.

It was only in 1954 that the company was incorporated to become DM Consunji Inc., and the rest, as they say, is history.

DM Consunji Inc. was then at the forefront of shaping the Makati Central Business District since the ’60s, building the old Monterey Apartments, the Rizal Theater, and Tower One and Exchange Plaza. The company also built the Shangri-La Hotels in Makati, Mactan and Boracay, Manila Hotel, The Westin Philippine Plaza, the Asian Hospital Medical Center, among other distinct landmarks.

City skyline and landscape
The company further redefined the city skyline and landscape, when DMCI constructed the Ortigas Center financial district, the South Metro Manila Skyway, LRT 1 North Extension, Tarlac-Pangasinan-La Union Toll Expressway. DMCI even had the privilege to flaunt its expertise in foreign shores by building monumental projects like the Istana Urul Iman (Sultan’s Palace in Brunei).

The enterprising visionary in Consunji led to successful joint ventures and forays in other sectors, including its partnership with Metro Pacific Investment Corp. for the Maynilad Water Services Inc., the west zone water concessionaire in Metro Manila.

THE COCA-COLA plant in Tacloban is Consunji’s first big contract.

Its mining affiliates, the Semirara Mining Corp. is the largest coal mining and exploration company in the country, while DMCI Mining Corp. is actively engaged in ore and mineral mining and exploration.

DMCI Power Corp. is meanwhile engaged in the design, construction, investments and operation of power plants, operating subsidiaries, namely: the Sem-Calaca Power Corp. and the Masbate Power Corp., which began operations this year.

DMCI Homes, established over a decade ago, has already dominated its category of resort-inspired residences. The company has also successfully expanded its portfolio to include house and lots, and high-rise condominium units.

Consunji’s accomplishments
The successes now still being enjoyed by DMCI and all its subsidiaries and affiliates indeed speak highly of the accomplishments of Consunji, who have poured all his passion in the art of building these landmark structures and building up people’s own successes.

And his accomplishments did not go unnoticed as the visionary founder earned various accolades from the construction and engineering sectors both here and abroad.

Among his citations were “Icon of the Philippine Construction Industry” presented by the Philippine Constructors Association; an “Honorary Fellow” of the Philippine Institute of Environmental Planners; an “Atsumi Awardee” conferred by the International Federation of Asian and Western Pacific Contractors’ Association; a University of the Philippines Alumni Association “Lifetime Distinguished Achievement Awardee; and “The Outstanding Filipino Awardee” (Tofil) from the Philippine Jaycee Senate and The Insular Life Assurance Co.

The key to his success is no secret, for Consunji would openly say that the many different elements that make a strong and sound structure would include concrete and steel, hard work, honesty and dedication.
“Property development is a lifelong venture into the future of land use and construction. Skills and integrity plays an important role. [For] me, a quality structure is something to be admired and learned from. The quality structures that we build serve as milestone in the struggle of humanity for better structures,” Consunji says.

“I would like to feel that somehow DMCI has been one of those who improved our standards of project completion through improved quality. I am hopeful that DMCI shall be remembered as among the builders who contributed to the quality of our structures,” he concludes.

For latest update on real estate development and its RA 9646, the Real Estate Service Act of 2009, visit www.ra9646.com.

For more details on DMCI Homes projects, you may e-mail reby_ramirez@yahoo.com or contact her at 0922.883.9308 / 0916.4044.555 / 0919.699.3572 / 4044-534.