Posted by Reby Ramirez at 4:49 AM TUESDAY, JULY 31, 2012 DMCI Homes set to continue with controversial development http://mydmci-residences.blogspot.com/2012/07/dmci-homes-set-to-continue-with.html Businessworld - DMCI Project Developers, Inc. (DMCI Homes), the wholly-owned property arm of listed DMCI Holdings, Inc., is likely to move forward with Torre de Manila, its controversial condominium project near the Rizal Monument even as it looks to tackle the project’s violation of Manila’s local zoning code. “I think we’ll push through [with Torre de Manila]. The Manila city council just had a few comments on the project, which we will try to address,” Isidro A. Consunji, DMCI Holdings president and chief executive, told reporters following DMCI Holdings’ annual stockholders meeting in Makati City on Wednesday. He declined to elaborate, however, if there will be significant changes to the condominium’s plans moving forward. DMCI Homes is currently building Torre de Manila, a resort-inspired condominium on Taft Avenue in Manila’s Ermita district. Cultural activists protest that the proposed 41-storey development would mar the view of nearby Rizal Monument as depicted in artist’s renderings on the project’s Web site. Following a recent investigation, the Manila city council ruled that DMCI Homes violated Ordinance No. 8119, which adopts Manila’s land use plan and zoning regulations, despite previously securing required building permits. “Torre de Manila is only allowed a maximum floor area ration (FAR) of 4. However, the floor area of Torre de Manila is approximately 66,256 square meters. Based on their plans and after the construction of the condominium, the FAR [of Torre de Manila] will be 7.79,” the Manila city council said in a resolution dated July 12. The same resolution recommended the filing of a case against DMCI Homes for the said zoning violation. Meanwhile, Mr. Consunji defended Torre de Manila’s viability, noting modest demand resulting from the area’s underserved status. “We’re now in the process of introducing the project to the market, and so far, initial response [in terms of pre-sales] is quite encouraging. The area is really underserved -- there are a lot of offices, hospitals, and government buildings, but not so much residential,” Mr. Consunji said. DMCI Homes has allotted P8 billion in capital expenditures to bankroll its property projects this year, to be supported by the company’s growing land bank. Last March, DMCI Homes acquired three lots on Sheridan Street, Mandaluyong City previously owned by food firm Swift Foods, Inc. for P500.22 million. This boosted the developer’s land portfolio by an additional 11,116 square meters, earlier reports said. DMCI Homes saw its first-quarter net income surge by 81% to P405 million from P224 million last year, brought about by a 51% uptick in housing sales to P1.7 billion from P1.1 billion last year due to the completion of earlier-sold units in Metro Manila. The developer’s parent, DMCI Holdings, was incorporated in 1995 as a holding company to consolidate the Consunji family’s businesses, component companies, and related interests, including investments in construction and mining apart from real estate. The listed company earned a net income of P2.67 billion for January to March, up 17.62% from P2.27 billion last year as profit despite declines in its flagship coal and construction units. Revenues, mostly from coal sales and construction contracts, rose by 20.35% to P13.01 billion versus P10.81 billion, year on year, while cost of sales and services grew by 31.19% to P8.79 billion from P6.70 billion in the same period last year. For more details on Torre de Manila and other DMCI Homes projects, you may e-mail reby_ramirez@yahoo.com or contact her at 0922.883.9308 / 0916.4044.555 / 0919.699.3572 / 4044-534. For latest update on real estate development and its RA 9646, the Real Estate Service Act of 2009, visit www.ra9646.com. Posted by Reby Ramirez at 4:49 AM Email This BlogThis! Share to Twitter Share to Facebook Share to Pinterest A central location for families on the go. Work and worship, wisdom and health – life’s essentials within minutes of your home. Torre de Manila, DMCI Homes’ newest one-tower condominium, is an exclusive residential community right in the heart of the city. Leading universities, reputable hospitals, and key business and commercial centers of the Metro area all within easy drive or commute.. Now you don’t have to travel far to ease off. Torre de Manila’s resort-inspired amenities let you spend more time hanging out with friends and family. Play basketball, badminton or take a luxurious dip in the stylishly appointed lounge pool. https://en.wikipedia.org/wiki/Torre_de_Manila http://www.idmcihomes.com/2012/03/torre-de-manila-project-profile.html In June 2012, DCMI managed to secure a zoning permit that allows the company to build the Torre de Manila in a lot along Taft Avenue. The planned location of the building is behind the lot previously occupied by the Manila Jai Alai Building. The following month, the Manila city government under Mayor Alfredo Lim, granted a building permit to DMCI. In November 2013, the Manila City Council suspended the building's construction citing zoning violation. The city government by that time is now under Mayor Joseph Estrada. After the Manila Zoning Board of Adjustments and Appeals granted DMCI a zoning regulation exemption, the construction of the Torre de Manila continued in January 2014.[1] In the same month, an online campaign against the construction of the high-rise condominium project was launched by tour guide and activist Carlos Celdran, who said that the structure would mar the view of the iconic monument of national hero Dr. Jose Rizal at Luneta. By September 2014, the building is already 23 percent complete with 19 floors completed. The turnover of the building is planned in November 2017.