DMCI Homes eyes to complete 10 new residential buildings worth P13.9 billion until yearend to bounce back from the impact of the new coronavirus disease 2019 (COVID-19) pandemic.
DMCI Homes said the 10 buildings are in Mulberry Place, Lumiere Residences, Calathea Place, Sheridan Towers, Alea Residences and Oak Harbor Residences, the latter being the company’s first premium development.
With a combined 4,088 residential units, the 10 projects have a total sales value of P13.9 billion.
Over 3,500 or 73 percent of the units have been sold out.
DMCI Homes said to make up for lost productivity, the company has been instituting operational changes such as the modularization of building components, bathroom systems and sanitary lines. It also set up batching plants in key areas to fast-track its concrete-pouring activities.
DMCI Homes said it has also expanded its onsite barracks capacity by 59 percent to accommodate 4,941 workers and loaned bikes to qualified workers to enhance their personal mobility.
In the first nine months of the year, DMCI Homes contributed P1.1 billion in core profit to mother company DMCI Holdings Inc., 40 percent lower than the P1.8 billion recorded last year, due to the imposition of lockdowns which slowed down construction productivity.
Revenues were at P11.3 billion, down 23 percent drop from P14.7 billion last year.
“The pandemic really battered our productivity. Our projects got delayed by one to three months because of the 76-day work stoppage in the first semester. Since we follow the percentage-of-completion method for revenue recognition, our booked revenues contracted on lower construction accomplishments,” said Alfredo Austria, DMCI Homes president.