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.