DMCI HOMES has almost fully sold out its first luxury development, Oak Harbor Residences, booking sales of P6.64 billion by the end of August.
The residential segment of DMCI Holdings, Inc. said in a statement on Thursday that over 98% of the property located in the Bay Area has been sold. This comes less than a year after Oak Harbor Residences was launched in the fourth quarter of 2016.
Oak Harbor Residences is a three-tower, resort-themed luxury condominium under the company’s premium brand, DMCI Homes Exclusive. It sits on a 12,000-square meter property directly facing the Manila Bay. The property is also a kilometer away from integrated resort and casino Okada Manila.
The Consunji-led company attributed the brisk take-up of the project to the strong demand for waterfront homes and properties in an “excellent” location.
“With Oak Harbor, you’re getting a premium waterfront home in an emerging business and entertainment hub that is made by the Philippines’ leading developer of resort-inspired condominiums. So our expectations were really high on this project,” DMCI Homes Assistant Vice-President for Marketing Jan Venturanza said in a statement.
The first and second towers called Weston and Lauderlane are slated for completion by June 2020. The third tower called Aston will be completed on December 2021.
The development of the project also follows the push of real estate firms outside central business districts, which offer more competitive rents and prices, as well as higher investment returns.
“The availability of developable land and the benefit of future infrastructure improvements make these locations attractive,” property consultancy firm Colliers International Senior Research Manager Randwil Dinbo Macaranas was quoted by DMCI in a statement.
DMCI Homes booked a net income of P1.76 billion for the first half of 2017, 71% higher than the P1.03 billion it realized in the same period last year. Last August, the company also announced that it had hit its full-year reservation sales target after generating P26.2 billion from the sale of 6,206 residential units and 3,743 parking units.
Shares in parent company DMCI Holdings posted a 1.97% uptick or 32 centavos to close at P16.6 apiece at the Philippine Stock Exchange on Thursday. — Arra B. Francia