DMCI bets on luxury demand for Baguio condo project

DMCI HOLDINGS, INC. said its residential arm DMCI Project Developers is targeting the high-end second-home market with its One South Drive project in Baguio City, banking on strong demand and limited supply in the area.

The planned development will rise in the South Drive neighborhood, near key tourist destinations and commercial landmarks such as Baguio Country Club, The Mansion, Camp John Hay, and Mines View Park, the company said in a statement last week.

The project will consist of two seven-storey mid-rise buildings with three levels of basement parking, offering what the company described as “an intentionally limited collection of units.”

Unit sizes will range from 112.5 to 175 square meters, with prices averaging between P31.2 million and P48.3 million.

The condominium is expected to generate about P3.04 billion in sales revenue, with total project costs estimated at around P2.05 billion, DMCI Project Developers said in an e-mailed reply to questions.

“Properties within this district have historically demonstrated resilience in value, supported by limited supply, strong demand for second homes, and the area’s reputation as a preferred residential enclave,” the company said.

One South Drive will add to DMCI’s existing residential portfolio in Baguio, which includes Bristle Ridge and Outlook Residences.

DMCI Holdings reported P15.1 billion in consolidated net income for 2025, driven by strong contributions from its real estate segment and other businesses. Capital expenditures rose 11% to P24.6 billion from P22.2 billion in the fourth quarter of last year.

DMCI Homes contributed P3.3 billion to total earnings, supported by higher residential revenues, increased rental and financial income, and a one-off gain from the settlement of a previous investment claim.

The company said it expects its real estate arm to account for about 65% of total capital expenditures this year, with P15.5 billion allocated for land banking and project development. — Juliana Chloe A. Gonzales