DMCI Homes spending P4.5B in 2010 for three condo projects

DMCI Homes expects higher sales and profit this year amid expectations of an economic recovery that will drive demand for medium-rise residential buildings.

DMCI Homes, the property and housing arm of the Consunji-led DMCI Holdings, Inc., has allotted P4.5 billion construction budget for the year 2010.

“We expect to sell better this year than last year,” DMCI Homes Managing Director Alfredo R. Austria told Business World at the sideline of the launching of new projects. “This year, we’ll probably sell P10.5 billion to P11 billion”

Net income is projected to rise to more than P1 billion this year form the preliminary figure of P900 million last year.

"This year, we will be spending about P500 million. By next year, [we’ll spend] about P2 billion and then another P2 billion [the following year],” Elmer G. Civil, DMCI Homes’ Director for Design and Construction, said in a separate interview

Source: DMCI Homes disclosure to the PSE, Feb 18, 2010.