MANILA – Construction and real estate developer D.M. Wenceslao & Associates, Incorporated (DMWAI) has nine projects in its pipeline to expand its real estate footprint and broaden its sources of recurring income.
The company has three residential and six commercial developments under way. All will be completed within the next five years.
DMWAI chief executive officer Delfin Angelo Wenceslao said the residential projects will provide an approximate total saleable floor area of 88,000 sq.m., while the commercial ventures promise a total leasable area of 280,000 sq.m. These include DMWAI’s first residential development, Pixel Residences, which is set to be completed by October 2019.
“We are also in a good position to avail of construction opportunities available in this golden age of infrastructure,” said Wenceslao. Around half of DMWAI’s revenues come from recurring sources, or from leasing office and commercial space and land rentals. It has doubled its net income from P872 million in 2015 to P1.56 billion in 2017.
DMWAI group owns 57 hectares of land in Metro Manila. Most of that is in the 110-hectare Aseana City, one of the country’s largest and fastest-growing mixed-use business districts.
Aseana City, its flagship project, sits right in between Entertainment City and the Mall of Asia in the Manila Bay area, near key transport linkages such as the NAIA Expressway, LRT Line 1 Extension and the Southwest Integrated Bus Terminal Exchange. “Its location makes Aseana City a direct beneficiary of certain fast-growing sectors, including business outsourcing, gaming and tourism,” said Wenceslao.
DMWAI group has developed roughly half of the land holdings in Aseana City. The other half remains unallocated. Data from real estate consulting firm Colliers International show that property prices in the Manila Bay area now range from P150,000 to P250,000 per sq.m., growing by an average of 24 percent annually over the past 10 years. As of end-2017, DMWAI has completed more than 100 ports, bridges, expressways, and other construction and infrastructure projects across the Philippines.