DMCI in raffles residences project

Wednesday, 14 January 2009 21:28

KHI-Ali Manila Inc. (KAM), a joint venture between Kingdom Hotel Investments (KHI, with 80-percent interest) and Ayala Land Inc. (20-percent interest), has signed a $103-million construction contract with D.M. Consunji Inc. (DMCI) for the construction of The Raffles Residences Makati. Prior to the contract-signing, the development was progressing as planned and construction is now well under way. With excavation already completed, a great deal of activity is planned for the upcoming months, including foundation works, concrete structure, installation of electromechanical and plumbing systems, as well as a high-tech curtain walling. “DMCI was chosen for their proven track record in Manila. Their participation in the project has helped us reach new heights,” says Gary Constantine, director of KAM. The partnership is also a big win for DMCI, a construction firm known in the Philippines as the nation’s leading builder of landmarks. “Working with an established developer like Kingdom Hotel Investments brings excitement to our company, especially since this project will give us an opportunity to be part of the emerging skyline of Makati,” said Jorge Consunji, president and COO of DMCI. Raffles Residences Makati is located in the heart of the financial district, a 30-story tower seen to enhance the Makati skyline. It has one-, two- and three-bedroom Residences, including stunning four-bedroom Penthouses. The Residences will include all the services and amenities commensurate with the legendary service standards that Raffles has become world-renowned for. Included in the development will be a Fairmont Hotel and a Raffles Hotel comprised of 309 luxury hotel rooms. “We continue to see both domestic and international interest in the real- estate component of our development as it further embraces the community and honors the magnificent Philippine culture,” said Brad Berry, KHI vice president for real estate. Berry said the project will employ more than 2,000 workers during construction, and over 900 more once the project is completed. Jaime Ayala, president and CEO of Ayala Land Inc., expressed that, “As master planner and developer of the Makati CBD, we are thrilled with the progress of this development to date and look forward to future success for Raffles Residences Makati.” Raffles Residences Makati consists of 236 Residences and is located directly across the Greenbelt Mall in the financial and lifestyle hub of the Makati CBD. Raffles Residences recently released the second phase of real estate for sale. KHI a leader KHI, headquartered in Dubai (UAE), is the leading international hotel-and- resort acquisition and development company focused on high-growth emerging markets, such as the Middle East, Asia and Africa. The company has ownership interests in 29 properties in 20 countries, including 22 operating hotels and resorts and seven hotels and resorts currently under construction or in the initial stages of development. KHI is listed on the Dubai International Financial Exchange and London Stock Exchange. D.M. Consunji Inc. has constructed a large number of high-rise and commercial buildings in the Philippines, primarily in the Makati and Ortigas centers, two of the country’s premier financial districts. High-rise and commercial-building construction is DMCI’s strong-hold where it has an extensive portfolio. The company’s landmark projects are the Philippine International Convention Center, Cultural Center of the Philippines, Manila Hotel, Folks Arts Theater, Aguinaldo National Shrine (restoration only), Roxas Triangle, Stock Exchange Building (Ayala), Citibank Building, SM Megamall, Shangri-La Hotels (Makati, Edsa and Mactan), Brunei’s Sultan Palace and Aramco Recreational Facilities (Saudi Arabia).