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DMCI property unit to spend P3B

DMCI property unit to spend P3B for expansion projects
Source: ABS-CBNNEWS.COM Business (as of 3/21/2007 3:18 PM)
DMCI Homes, the property development unit of construction firm DMCI Holdings Inc., announced a P3-billion expansion of its residential portfolio involving five middle-income residential projects.
Alfredo Austria, managing director of DMCI Homes, said his company was expecting to generate revenue of P8 billion from the projects.In Taguig City, DMCI Homes is building an 86-hectare property of mid-rise and high-rise condominiums called the Township Central, which is close to major business and commercial centers of Makati and Ortigas.
It will also build an 8,000-sqm, two-story commercial hub of retail and service shops for the community.
Within the land area are the three-tower high-rise condominiums Cypress Towers and the Neo-Asian residential homes, the Rosewood Pointe.
The Cypress Towers, which consist of 20 stories each, had a development cost of around P1 billion including construction and design. It will be completed and turned over to buyers by June next year.

Austria said Township Central will have its first batch of occupants by May.
DMCI also offers high-rise condominiums in Mandaluyong City, the Tivoli Gardens Residences, which cater to city dwellers seeking green tropical views.
It also developed Riverfront Residences in Pasig City, which is a mid-rise community with a 3,000-sqm manicured linear park in the Marikina riverside.
Austria said about 350 units in all five projects have been sold since March. He said the company is confident that all units will be sold upon completion.
He said that five projects usually take about two and a half years to build.
Austria said DMCI Homes continuously develops projects, whether or not there are buyers, to bring down construction costs. -  Judith Balea