Aseana City starts vertical development

MANILA, Philippines - D.M. Wenceslao & Associates Inc. is going into vertical development for its 200-hectare Aseana City.

“We have completed the land reclamation. We have basically completed the infrastructure so we are now going into vertical development. We want to create employment opportunities,” D.M. Wenceslao chairman and president Delfin J. Wenceslao  told The Star.

He said the company has built BPO and call center buildings, hotels as well as buildings for three auto marketing companies.

For its Aseana property, the company is developing office buildings Aseana 3, 4, 5, 6 and 7 as well as residential projects Pixel Residences, Greenway Residences and Parkside Place.

Also to be built within Aseana are Aseana Town center phase 2 and Aseana Square.

The three residential developments will have a total gross leasable area of 68,384 square meters while the commercial and office developments will have a GLA of 324,264 sqm.

Located next to Entertainment City in Parañaque, Aseana City has a size of 204 hectares and is dubbed as the next major central business district in Metro Manila.

In August, D.M. Wenceslao filed with state regulators an application for an initial public offering to raise as much as P21.72 billion.

The IPO involves the issuance of up to 493.54 million shares, including an overallotment option of 64.37 million shares, at a maximum price of P44 each. The listing of the shares is targeted in November.

Proceeds would be used for expansion of existing projects.

“Were not getting the IPO to pay debts. We can take care of our debt. This is all for expansion. We’re getting more equipment and gearing for more projects,” Wenceslao said.

Aside from the Aseana City project, D.M. Wenceslao is also working on a reclamation project in Mandaue City in Cebu,  with a size of about 200 hectares,  and another project in Cavite.

Reclamation has become the niche of D.M. Wenceslao, which it does with renowned foreign partners.