Why DMW is limiting exposure to PHL offshore gaming operators

Why DMW is limiting exposure to PHL offshore gaming operators

D.M. WENCESLAO & Associates, Inc. (DMW) is limiting its exposure to Philippine Offshore Gaming Operators (POGOs) to around 30% of the company’s tenant mix in the Bay Area.

“We’re in the entertainment area, we’re focusing at somewhere between 30%. We just don’t want to be exposed to one specific industry,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao told reporters after a tour of the company’s mixed use estate called Aseana City in Parañaque last Friday.

Mr. Wenceslao noted majority of their tenants are traditional companies, consisting of shipping, logistics, manning, and banks. These types of firms occupy around 50 to 60% of DMW’s existing office space in Aseana City.

Meanwhile, Business Process Outsourcing (BPO) firms account for around 20-30%. Mr. Wenceslao said the buildings in the pipeline in Aseana City are mostly targeted towards BPOs, since they are built with the highest specifications and provisions for telco, data, and back-up power, among others.

DMW will be developing nine projects in Aseana City in the next five years. This includes three residential developments with a total saleable floor area of 88,000 square meters (sq.m.), the first of which called Pixel Residences is due for completion in October 2019. The other six projects will be commercial areas spanning 280,000 sq.m.

DMW previously disclosed that it will be spending P11 billion until 2020 for these projects.

To-date, DMW has seven completed projects in Aseana City, with a total leasable floor area of 59,027 sq.m. Among these are commercial projects called Aseana One, Aseana Two, Aseana Three, Aseana Town Center, and Aseana Square, all of which are already fully leased out.

The company recently broke ground for its fourth office building, 8912 Aseana Avenue which will offer around 68,900 sq.m of gross leasable area. The 15-storey building will have retail, office, and parking components.

For the residential segment, DMW is set to launch its next project with a total of 670 units offering units ranging from studio to three-bedroom units.

Aside from its own projects, the company has also leased out parcels of land in Aseana City to other companies, including Ayala Land, Inc. (ALI).

The Ayala-led property developer is currently developing 9.5 hectares of land in the area for Ayala Malls Bay Area, which will house a mall with supermarket operator Landmark, ALI’s homegrown hotel brand Seda, as well as office spaces. The project stands across integrated resort and casino City of Dreams Manila.

DMW has asked locators and developers inside Aseana City to build arcade walkways and canopies where necessary, for their employees and the public.

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