MANILA, Philippines — D.M. Wenceslao & Associates Inc. (DMWAI), the newly listed integrated property company, is seeking to develop another reclamation project in Cebu of similar scale to the Aseana City, its flagship project in Parañaque.
In a recent briefing, DMWAI chief executive officer Delfin Angelo Wen-ceslao said they are planning to undertake a reclamation project in Mandaue, Cebu, similar to Aseana City, and develop it into a mixed use project.
“It will be about 150 to 200 hectares,” Wenceslao said.
The company is now securing the permits required from both the local and national governments.
Once it receives the go-signal, DMWAI will tap a Belgian firm to help in the reclamation.
Wenceslao said that with the company’s success in Aseana City, they are optimistic as well on the prospects of the Cebu development.
As a mixed-use project, there would be commercial, retail and residential developments in Cebu, Wenceslao said. “It’s so easy to bring the competency somewhere else,” he said.
DMWAI is also interested in other infrastructure projects including those involving reclamation such as the P50 billion Laguna Lakeshore Road Network Project and the proposed airport in Sangley, Cavite.
“There’s reclamation and that’s something we can do. There are only one or two reclamation companies in the country with a track record,” Wenceslao said.
In Aseana City, the company remains committed to provide sustainable city-scale real estate projects.
Aseana, he said is poised to become The Next Generation City.
In particular, he said the project would have large scale developments which adhere to global standards and design.
Aseana City also has a city management system modelled after Cisco’s systems smart connected city network, which is part of its information and communication technology backbone.
The company reported a 42 percent increase in net income at P969.8 million in the first half on the back of the strong growth of the company’s core leasing business.
“Strong execution from our marketing and construction teams is accelerating momentum across our businesses,” he said.
The company has completed its third commercial office building ahead of schedule and within budget, Wenceslao said.
“The early delivery added over 30,000 square meters of leasable gross floor area which was fully leased out as of the end of 2017,” he said.
Revenues reached P1.2 billion with recurring income contribution reaching 80 percent primarily due to the completion of a new office building.
Construction remains on track for residential condominium project Pixel Residences which is expected to be completed by 2019.
Moving forward, Wenceslao said the company would continue to ramp up the business – strategically and with a long-term mindset – while also taking decisive action that could produce meaningful returns to shareholders in the years ahead.