DMCI Holdings Earmarks Biggest Annual CAPEX at P40B
Manila, Philippines—According to a report posted at the Philippine Stock Exchange (PSE), DMCI Holdings Inc. (DMC) is earmarking over P40 billion for its capital spending this year, more than doubling its capital commitment of P19.3 billion last year. The upsurge is largely to support the growth of its real estate and power generation businesses.
“This is our biggest annual CAPEX program to date. There’s still considerable room for growth in the property market and power industry so we are focusing our resources on these areas,” said DMCI Holdings Chairman and President Isidro Consunji.
Real estate subsidiary DMCI Homes will account for the biggest chunk of the capital commitment at P32.5 billion. Of this amount, P27.5 billion pertains to the total development cost of new projects to be launched this year while the remaining P5 billion will fund land acquisitions.
Among the big projects of DMCI Homes is a high-end condominium located in Asia World, Paranaque, which will be the company’s first luxury residential development. The company will also begin developing its first mixed-use building in Makati.
Plans are also underway for the mid-segment developer to expand outside Metro Manila and enter the low-cost housing market. (Press Release)