NEWS AND UPDATES

Paranaque City, Philippines, September 9, 2022 – D.M. Wenceslao & Associates, Inc.’s (DMW) wholly-owned subsidiary Aseana Residential Holdings topped off the fourth and final tower of its second residential project, the MidPark Towers.

Slated for completion in 2023, MidPark Towers is a modern architectural masterpiece perched on a highly coveted location in close proximity to Ayala Malls Manila Bay and DMW’s own 5-hectare mixed-use green development – Parqal.

MidPark Towers’ unit layouts are 40 sqm+/- studio unit, 52 sqm+/- one-bedroom unit, 80 sqm+/- two-bedroom unit, and a 120 sqm+/- three-bedroom unit. 

“We remained all systems go in our expansion projects despite the pandemic. Very soon, the residents of MidPark Towers will be able to enjoy the complete community of Aseana City; from the lush green landscapes and first-rate commercial outlets in Parqal just beside MidPark Towers to all the best-in-class locators in Aseana including the biggest Ayala Mall in the country, the soon-to-rise St. Luke’s Medical Center Aseana City, major warehouse shopping chains, top-grade offices, and major integrated resorts in Entertainment City,” said Mr. Delfin Angelo ‘Buds’ Wenceslao, Chief Executive Officer. “Residents will also enjoy ease of access and abundant means of transport through NAIA Expressway, Paranaque Integrated Terminal Exchange, the future LRT Line-1 extension, elevated walkways, and bike lanes across the estate,” Mr. Wenceslao highlighted.

The outlook for Philippine real estate is becoming brighter as more people return to onsite work and are looking for well-developed and accessible residential areas to live closer to their work, as Fiscal Incentives Review Board (FIRB) recently ordered a return-to-office or on-site work arrangement for registered business enterprises and outsourcing firms boosting consumer confidence in the residential property market.

Professional services and investment management company Colliers Philippines also noticed optimism across various property segments. Consumer confidence is seeing a boost as well. According to their recent Quarterly Residential Property Market report, residential vacancy rates are declining in Metro Manila as Q1 2022 reported a 17.8% vacancy rate with the succeeding Q2 projected to have a 17.2% vacancy rate after it skyrocketed to a record-high since 2020 due to pandemic.

The need for a residential estate with world-class amenities and generous home layout is something that MidPark Towers is preparing to fill for Filipinos.

Aseana Residential Holdings Corp. (ARHC)’s newest development, MidPark Towers, is a four-tower residential estate located at the heart of Aseana City – bay area’s emerging Central Business District. MidPark Towers is more than ready to fill the market need as the recent residential projection by Colliers estimates a total of 10,500 units being up and available in the market by end of 2022.

MidPark Towers follows the architectural vision of ARHC in redefining city living which dons the community with a pedestrian-friendly landscape with accessible connectivity to key transit points such as NAIA Expressway (NAIAx), LRT Line-1 Extension, and the Parañaque Integrated Terminal Exchange (PITx). Additionally, its prime location allows for accelerated mobility as it will be connected to key developments inside the community such as Parqal, Aseana City’s biggest linear mixed-use development, 8912 Asean Ave., a two-tower office building, Ayala Malls Manila Bay, the biggest mall in the Ayala Malls portfolio, and St. John Paul II Chapel.

Paranaque City, Philippines, June 6, 2022 – D.M. Wenceslao & Associates, Inc. (DMW) signed a Contract of Lease with St. Luke’s Medical Center, Inc. (SLMC) for a 13,896sqm parcel of land in AseanaCity. The lease period is 50 years commencing in June 2022.

The land lease will bring D.M. Wenceslao’s total leased out land to 164,895sqms and will augment its recurring income.

St. Luke’s Medical Center is recognized as the leading and most respected healthcare institution in the Philippines. Its two facilities in Quezon City and Global City, Taguig have a combined total of 1,146 rooms, with over 60,000 average in-patient admissions and 2.7 million outpatient consultations annually. In 2003, it was the first hospital in the country and the second in Asia to be accredited by the Joint Commission International (JCI)—the world’s leader in healthcare accreditation and quality improvement. In 2016, it was also the first in the country to be accredited by JCI as an Academic Medical Center Hospital.

“An integral part of holistic estate development is anticipating the needs of our locators. Immediate access to world-class healthcare institutions is a fundamental need that we have identified at the onset. To have St. Luke’s Medical Center, the country’s leading healthcare institution, fill this need is an important milestone for Aseana City,” said Mr. Delfin Angelo ‘Buds’ Wenceslao, Chief Executive Officer. “St. Luke’s Medical Center Aseana City solidifies Aseana’s status as a top mixed-used CBD destination of major brands and best-in-class institutions in the country,” Mr. Wenceslao highlighted.

“The rapidly growing Aseana City provides a compelling platform for St. Luke’s Medical Center to expand and scale operations to capture the robust healthcare growth in the country and in Southeast Asia,” said Dr. Arturo De La Peña, President and Chief Executive Officer of St. Luke’s Medical Center. “With proximate critical infrastructure connecting Aseana City to other Metro Manila CBDs, growing population centers south of Metro Manila, and to the Ninoy Aquino International Airport, St. Luke’s Medical Center Aseana City will be at the forefront of delivering high-quality patient-centered care and improving health outcomes through advanced technology,” Dr. De La Peña highlighted.

Paranaque City, Philippines, January 4, 2022 – In December 2021, D.M. Wenceslao & Associates, Inc. (DMW) signed a Contract of Lease with Landers for a 15,064sqm parcel of land in Aseana City. The lease term is 25 years.

Landers is a major membership shopping chain in the country with several branches in Metro Manila as well as in Cebu. Landers Superstores offer a wide array of local and international finds along with delectable in-house dining options.

“We are excited to host Landers in Aseana City; not only will this land lease be recurring income-accretive to DMW but will also advance our efforts to further increasing the diversity of major brands and essential locators in Aseana City,” said Mr. Delfin Angelo ‘Buds’ Wenceslao, Chief Executive Officer. “Landers has amassed significant following over the years; we look forward to the additional draw and the critical mass that Landers will bring to Aseana,” Mr. Wenceslao highlighted.

For more than 50 years, DM Wenceslao & Associates Inc. (DMWAI) has been perfecting the art of transformation. From turning water into land in the late ‘80s, to transforming open space into a central business district, the company is constantly changing to suit the needs of the times.

Nowhere is this more apparent than in Aseana City, the company’s burgeoning business district along the shores of Manila Bay. Delfin “Buds” Wenceslao, CEO of DMWAI, takes us through the company’s colorful history and how circumstance led them to own one of the most coveted parcels of Metro Manila today.

After starting out as a contractor for government horizontal and infrastructure projects, DMWAI won the contract to reclaim land along Manila Bay in 1989.

 

Wenceslao refers to DMWAI as somewhat of an “accidental developer.” The company started in 1965 as a government contractor for horizontal and infrastructure projects, and in 1989 won the contract to reclaim plots of land on Manila Bay.

“Originally, the plan was to sell the newly reclaimed land and move on to the next project, but the reclamation works finished during the 2000 Asian Financial Crisis when there was little demand for large real estate projects,” said Wenceslao. “That’s when we thought, why don’t we start with a three-story building? This eventually became Aseana Power Station.”

From then, the company leased out parcels to retailer S&R, and service station operator Shell, and built two office buildings, which were quickly snapped up by tenants.

With a portfolio of small and mid-scale developments under its belt, DMWAI filed for an IPO in 2018 to fund the large-scale projects that would come together to form Aseana City, Metro Manila’s newest business district built on one million square meters of land that it reclaimed decades ago.

The company’s two-tower, 69,000-square meter office building, 8912 Aseana Avenue, is due for completion this year in addition to around 300,000 square meters of new developments, with three quarters dedicated to office and retail, and a quarter for residential.

The latest addition to Aseana City is office building 8912 Aseana Ave, due for completion by the end of the year

 

“If we had been able to sell all the properties in 2000, we would have just gone on to another reclamation project, but we got stuck with it and decided to pursue development initially, and then things took a life of their own and that’s how we got to where we are today,” said Wenceslao.

When asked about what projects in the area he is most excited about, Wenceslao is quick to mention Parqal, a mixed-use office and retail development consisting of nine four-story buildings connected by a linear park on ground floor and sky bridges on second and third floors. Wenceslao calls it the company’s “first truly mixed-use development” because it encompasses office, retail, and a public space in one project.

Parqal is DMWAI’s fully mixed-use development combining office, retail, and a linear public park running the length of the development.

 

Directly connected to Parqal will be MidPark Towers, a high-end condominium development due for completion in 2023 that is DMWAI’s second residential project in Aseana City. When fully completed, Aseana City will measure six million square meters of built-up area, and contain 300 buildings and structures.

MidPark Towers, DMWAI’s second residential development, is due for completion in 2023.

 

Despite being a relatively new player, DMWAI’s unique position of designing an entire district has given the company a crash course in wholistic development where “the whole is greater than the sum of its parts.” That means paying attention to little things like making sure that condos have access to parks and that sidewalks are wide enough, as well as bigger things like making sure that the city has good transport links and that the entire community is safe, explained Wenceslao.

Aseana City will be connected to the LRT-1 extension to Bacoor as well as a proposed Bus Rapid Transit (BRT) system, while the entire community is under CCTV monitoring to ensure the safety of its residents and tenants.

 

When fully completed, Aseana City will consist of 300 buildings and structures with a total built-up area of six million square meters.

 

But it begs the question, in a city as dense as Metro Manila, and the trend of decentralization accelerating, why invest in another business district?

For Wenceslao, the draw of the big city is undeniable. “Sixty percent of the world’s population live in cities, and there’s a natural reason why,” said Wenceslao. “It’s where you find jobs, the best infrastructure, best services like hospitals, and a critical mass of knowledge.” It’s not so much about Metro Manila as it is investing in places with access to the best and brightest talent.

For Wenceslao and his team, in a location with enviable views of Manila Bay on one side and skyscrapers on the other, it’s hard to see why anyone would want to leave.

 

 

 

Source: PROP UP: From land reclaimer to city developer—DMWAI and Metro Manila’s newest business district – Manila Bulletin (mb.com.ph)

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