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DMCI Homes plans P5-B syndicated loan

Manila Standard Today
Tue July 20, 2010
by Jenniffer B. Austria

DMCI Holdings Inc., the listed holding company of the Consunji family, will borrow P5 billion through a syndicated loan to finance the expansion of its property unit.

DMCI president Isidro Consunji told reporters Monday the company planned to finalize the loan by October this year. It tapped BDO Capital Investment Corp. to act as lead arranger of the syndicated loan.

"We will issue syndicated loan worth P5 billion for the expansion of our housing unit," Consunji said.

DMCI Homes, the property unit of DMCI Holdings, earlier said it planned to spend P5.5 billion in capital expenditure and unveil nine new residential condominium projects this year.

DMCI Homes launched three projects in the first half of the year, namely the Cedar Crest, a medium-rise residential development in Taguig; The Redwoods, a residential village in Fairview Quezon City; and Iris Tower at Tivoli Garden Residences in Mandaluyong City.

DMCI Homes plans to unveil six more new projects in the second half of the year., These include the La Verti Residences, a twin high-rise tower in Taft Ave, Pasay; Flair Towers, a two-tower structure along Reliance Street in Edsa; Sienna Park Residences, a medium-rise development in West Avenue Bicutan; a medium rise development in Visayas Avenue in Quezon City; and another in Muntinlupa.

DMCI will zero in on start-up families with combined monthly income of between P80,000 and P100,000. The monthly amortization for these projects ranges from P20,000 to P30,000.

The company has set an internal target of P10.5 billion in reservation sales this year from P9.5 billion in 2009. DMCI Homes plans to increase its annual net income and revenues by 20 percent over the next five years.

DMCI Homes 20 sold out projects and has 12 ongoing projects, including Raya Gardens in Merville, Paranaque; Rosewood Pointe in Taguig City; and Magnolia Place in Tandang Sora in Quezon City.

DMCI, aside from real estate, is engaged in the construction, coal mining and water services.