DMCI Homes, the real estate arm of Consunji family conglomerate DMCI Holdings, is betting that sales from new leisure projects and lower cancelations will lift real estate revenues beyond the prepandemic figure in 2025.
“At the moment, DMCI sales [in 2024] are going to be slightly below the prepandemic level,” DMCI chair, president and CEO Isidro Consunji told stockholders during their annual meeting on Tuesday.
“But we expect by 2025… DMCI homes will exceed prepandemic levels of sales,” he added.
Project cancellations, while lower than the previous year, continued to weigh on DMCI’s bottoming during the first quarter of the year.
Revenue reversals due to cancellations in the first quarter of 2024 narrowed by 28 percent to P850 million versus the same period last year but these were up by 48 percent versus the fourth quarter of 2023.
Consunji said their real estate business remains a challenging area for the group, in response to a question from a stockholder.
“One of them is the inventory management of DMCI Homes because of the pandemic. We have some excess supply of finished units that are currently being sold,” Consunji said on Tuesday.
