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The Wenceslaos of listed company DM Wenceslao & Associates Inc. (DMWAI) may be best known in business circles for construction and real estate, but not many know that many members of the family are actually doctors. Delfin Angelo Wenceslao, who is best known by his nickname Buds, says this is the reason why he initially entertained the idea of becoming a doctor himself when he was younger.

“I liked the lifelong learning aspect of being in the medical profession,” he tells Esquire Philippines. “But as fate would have it, I got into a business course and hearing my dad talk about his ongoing projects made it more interesting to me as time went by.”

Today the 41-year-old is a director and the CEO of DMWAI, handling the reins of a company founded by his grandfather in 1965. The challenges of leading an organization are never easy, but one can only imagine the pressures of steering a half-a-century year-old company, ensuring its health and profitability not just for today but for the years ahead.

 

A short history of DM Wenceslao and Associates Inc.

 

The company was founded as an engineering and construction business by Delfin M. Wenceslao in 1960 before formally incorporating it five years later. It took on mostly horizontal projects for the government until the 1980s, when his son, Delfin J. Wenceslao, expanded the business into land banking and marine construction.

In 1989, a consortium led by DMWAI took on a massive project to “create assets out of water,” or a more elegant way to refer to land reclamation. That essentially put DMWAI on the map, so to speak, leading to the company becoming the country’s biggest reclamation contractor, having reclaimed a total of 2.4 million square meters over the years.

“After several decades, we learned construction was cyclical,” Wenceslao says. “Real estate—or leasing and selling of land—was initially our strategy to smoothen out the peaks and valleys of the construction cycle activity. As real estate land prices grew exponentially starting in 2004, we realized that selling land was not a best way to maximize its value.”

It was then that the company expanded into vertical commercial development, finishing its first building in 2006. From there DMWAI quickly expanded into residential projects, as well as public spaces.

“Real estate development is much higher in the value chain of the industry versus construction,” Wenceslao says. “We are currently involved on much more complex products and projects. We’ve also shifted from being a purely B2B company to having individual customers and consumers of our projects (residential).”

Today, the company owns one of the largest land holdings in Metro Manila, with Aseana City alone measuring 569,359 square meters. (It also owns about 209,000 square meters of land outside Aseana City). The company went public in 2018.

DMWAI derives about 67 percent of its revenues from leasing, while the rest comes from the sale of condominium units and construction contracts. From the total rental revenues, about half comes from land rentals and the other half from building leases, which have 98 percent occupancy rate. Its biggest tenant is Ayala Land, which opened Ayala Malls Manila Bay in September 2019.

As for its own developments, Wenceslao says DMWAI has finished six commercial buildings and one residential condominium. The company also currently has nine buildings in its construction pipeline. That includes 8912 Asean Ave, a 15-storey two-tower office development; Parqal, which is set to open in the last quarter of 2020 and is one of the largest mixed-use and public space projects inside Aseana City, composed of nine independent four-storey buildings that will occupy two blocks of Macapagal Boulevard; and MidPark Towers, which is the second offering of Aseana Residential Holdings Corp. (ARHC), the residential arm of DMW Group.

 

A young CEO

 

A peek at the company’s board members and senior management team reveals that Wenceslao’s three brothers are also involved in the family business: Paolo Vincent is director and chief operating officer, Carlo Delfin is director and VP for logistics, and Edwin Michael is director and VP for treasury and administration. (Their mother Sylvia is also VP for corporate social responsibility, while their father is director, president and chairman on the board). What’s interesting though is that, at 41, Buds Wenceslao is the youngest of the brothers and is leading the charge as CEO.

“As early as I can remember, my dad would always involve us in his work as a general contractor,” he says. “From taking us to construction sites, to meetings and even to discuss about our personal and professional plans for the future, he’s always been involved in my and my brothers’ lives.”

After graduating with a Bachelor of Arts degree in Management Economics from Ateneo de Manila University and a Master of Science degree in Real Estate Development from Massachusetts Institute of Technology, Wenceslao worked for about two years for an international real estate services and advisory company before officially joining DMWAI in 2002.

“I was basically the first employee of the real estate department,” he says. “Initially, the main task was just to lease and sell our land in Aseana City. After about two years, we decided to do our first commercial development which I handled from feasibility analysis to planning to construction to leasing.”

After having gone through nearly every aspect of the company’s business, Wenceslao’s challenge now is ensuring the execution of the company’s strategic development plan.

“Currently we are on track to build approximately 300,000 sqm gross floor area of commercial and 100,000 sqm gross floor area of residential developments,” he says.

While the pandemic has had a major impact in nearly every industry, the CEO is happy to report that, thanks to the company’s high recurring revenue streams and the prime location of its assets and projects, COVID’s effect on their business has been minimal and manageable.

“Being diversified across several industries for our tenant base has been a good portfolio management strategy,” he says. “The main challenges for all industries right now are business confidence and perception as companies are instinctively trying to preserve their capital as they wait out the pandemic. Even prior to COVID, our development strategy has been large-scale, wholistic and at a city level. We firmly believe that large, master-planned communities have an advantage in providing safe, resilient and essential urban living solutions to people.”

Indeed, the company reported a net profit of P2.130 billion in 2020, a decrease of only P243 million or 10.2 percent compared to P2.374 billion in 2019. Considering the crushing impact of COVID on many businesses, it could have been a lot worse.

 

Looking ahead

 

In the extremely competitive world of property development, Wenceslao feels the company has hit its stride and is well-equipped to go up against local giants in the industry.

“The alpha is in development,” he says. “Strategically, our growth potential is on a long-term basis as we have decades of prime landbank left to develop. In terms of execution, our 55-year track record in construction has provided us a level of competence and excellence in planning, building, operating and maintaining our projects. This is reflective in our ability to project manage and undertake key scopes—such as electrical, mechanical, interiors—of the development process.”

Ensuring the sustainability and long-term viability of a company isn’t just dependent on its strategy. A lot also hinges on the dedication and commitment of the people who run it. In DMWAI, there has been a so-called family constitution in place since 2014 that outlines the goals, concerns, rules and even dispute resolution mechanics of the family with regards to the business.

“After attending a couple of family business seminars, we saw the need for having (one) not specifically for our generation but for future generation of family members that want to enter the business,” he says. “I would advise it for all family businesses regardless of size and better to do it when there are only a few family members in the business.

“I think we’re realistic enough (to know) that not all future Wenceslaos will want to be involved in the operations and that’s fine,” he adds. “We see our generation as stewards of the business. We aim to leave the company in a better position, financially, structurally, and operationally than when it was turned over to us. To do this, we will need to find people managers with mindsets similar to owners and we must create a meritocratic system to ensure that the company continues to improve and evolve. Regardless of their last name, the main thing is to make sure that the people who work in the company are capable, motivated, and rewarded for their efforts.”

Original article appeared here. (LINK TO: https://www.esquiremag.ph/money/movers/delfin-wenceslao-profile-a00289-20210420-lfrm)

 

 

 

Bigger isn’t always better when it comes to homes, the old adage goes. Then, the pandemic hit. With everything happening at home now, everyone’s looking for more square footage, even condo dwellers. Aside from supporting varied lifestyles, the extra space allows people to enjoy peace in whatever they do.

Who would have thought that a few square meters would give the sense of stability people need in this time of crisis? In the era of social distancing, bigger is better — and that additional floor area should serve a good purpose. It must have the amenities that would further improve your sense of comfort and convenience.

Look for these features as you go big in your next condo purchase:

 

Home Office

Work from home is the new normal. According to Lamudi’s data, amenities connected with working from home accounted for 20.82% of searches in 2020. These include air conditioning, Wi-Fi, and broadband connectivity. Even with the gradual reopening of offices, remote work will be part of companies’ operations in one way or another. You probably wouldn’t want to host your virtual meetings in the kitchen or the living room, where kids are having their online classes. Look for a condo unit that has a flexible space for a home office.

Midpark Towers, a condominium development by Aseana Residential Holdings Corp. (ARHC), offers units with large living formats enabling future residents to conveniently make room for a workspace. Its studio unit has 40sqm. The two-bedroom has 80sqm, and the three-bedroom has 120sqm. The layout of the spaces follows the open-floor plan, which further adds to the airy atmosphere.

 

Balcony

Balconies in condos have long been underrated. As the pandemic limited the time people spend in recreational spaces outside, people have found a new appreciation for these outdoor areas. Properties with a balcony, terrace, parking lot, or carport accounted for 12.42% of searches on the platform in 2020. As Lamudi property seekers look for properties with open spaces, this trend is expected to continue into 2021. A balcony or a terrace is actually a versatile space. It can be an urban garden, an intimate dining area, or a yoga space. You can even work here if you want a view of the city to ease the worries and stress.

The good thing about units in Midpark Towers is that balconies offer ample living space. You can go all out in decorating your garden and host an alfresco dinner party, celebrating with loved ones and friends. Go big at home.

 

Green, Open Spaces

Sometimes, the air and the view from the balcony does little to relieve cabin fever. In these cases, the simple, obvious fix is to go outside. This is why as much as you want your next condo to have a home office or a balcony, you should be on the lookout for lush, open spaces, too — the kind that puts you in a relaxed mode because there’s plenty of space for social distancing and plenty of greenery for stress relief.

Areas for active leisure accounted for 18.91% of searches on Lamudi, which includes swimming pools, gardens, and gyms. Property seekers also gravitate towards bigger spaces and additional storage, with a garage, built-in wardrobe, and ensuite accounting for 10.6% of searches on Lamudi. Not only do property seekers want bigger floor spaces where they can enjoy a better quality of life indoors, they also want a bigger outdoor area to accommodate their active lifestyle.

At Midpark Towers, you can expect an abundance of vast, lush areas, ideal for recreation. You wouldn’t have to constantly think about distancing. Even the hallways indoors are low-density, so crowding wouldn’t be a problem. What’s more, the amenity deck features different facilities such as daycare, library lounge, fully equipped fitness gyms, swimming pools, and outdoor lanais.

 

Essential and Retail Establishments

It may feel like going overboard to find a condo that has essential establishments such as supermarkets, retail spaces, boutique stores, and restaurants, but in the age of the pandemic, this is a must-have for convenience and comfort. Truth be told, there are modern condominium developments that already offer this. Midpark Towers is one.

The condominium building has direct access to Ayala Malls Manila Bay via a bridgeway. Living here, you wouldn’t have to experience any hassle reaching the supermarket or your favorite restaurant. What’s more, the development is close to Aseana City’s linear mixed-use and park development called Parqal. This retail strip will host plenty of brands, as well as green, open spaces, perfect for leisure-loving Midpark Towers residents.
Bigger is better. Amid the pandemic, these upgrades are necessities you should find in your next condo. They improve comfort and convenience in this time of crisis. For more information about Midpark Towers, check out their development page on Lamudi.

Original article published on Lamudi’s website. Click here to view

 

Aseana City, dubbed as the Bay Area’s ‘Next Generation City’, is set for the implementation of the next phase of its progressive plans for the masterplanned community through the construction of critical power facilities that will provide quality, reliable and sustainable electric service to its residents and locators. Via a collaborative real estate agreement with the Manila Electric Company (MERALCO), the Aseana-1 Substation Project is set to break ground in Q1 2021 and targeted for completion by 2H 2022.

 

Aseana City, a 107-hectare mixed-use development situated between the Mall of Asia Complex and the PAGCOR Entertainment City, is one of the fastest growing master planned township projects in the country developed by D.M. Wenceslao and Associates, Inc (PSE: DMW). Its existing locators include City of Dreams Manila, Ayala Malls Manila Bay, S&R Membership Shopping, Department of Foreign Affairs, Singapore School Manila, Sequioa Hotel, Honda Manila Bay, among others.

 

Pixel Residences – one of the prime residential developments inside Aseana City.

 

Through its partnership with Meralco, D.M. Wenceslao Group fulfills its commitment to provide world class infrstructure for its locators and residents. The forthcoming substation will further enhance energy efficiency and strengthen the power supply capacity in the entire Aseana City estate. “Aseana City is a master-planned community that connects people to home, work, play, and more. And as our community continues to grow, we want to give them the security and assurance of future-proof resources that are mindfully-designed to allow them to live a comfortable life”, shared Buds Wenceslao, CEO of DMW Group.

 

 

 

With the year coming to a close, D.M. Wenceslao and Associates, Inc. (PSE: DMW) marks another milestone as two of its commercial mixed use projects, (Aseana) Parqal and Aseana Plaza, were chosen to exclusively represent the Philippines in Architecture@20 – an architectural yearbook that features projects that are located in modern cities across Asia Pacific such as China & Hong Kong, Indonesia, Malaysia, Myanmar, Singapore, Thailand, and Vietnam.

 

Parqal and Aseana Plaza

 

Parqal is a five-hectare mixed-use development that has a gross floor area (GFA) of 78,000 square meters. It is composed of nine independent four-story buildings that will occupy two blocks of Macapagal Boulevard. Reimagining the local street park  experience into an integrated urban street with modern conveniences, Parqal is set to become the ideal model of a community-focused development by enriching the residents through its wealthy selection of services and facilities that include a spinal greenway, lush greenery, office suites, shops and retails, and dining establishments.  Moreover, pedestrians can have the luxury of walking seamlessly from major focal points in Aseana City in a climate protected environment. With its impressive accessibility and connectivity plan, Parqal merges not only the outdoor and indoor living but also public and private spaces. The development was thoughtfully designed by AEDAS, an international architecture and design firm in collaboration with local architecture heavyweight, Visionarch.

 

Rising as the largest commercial expanse to date of the DMW Group with a total leasable gross floor area of 153, 250 sqm is a four-tower office development known as Aseana Plaza. A well-crafted modern contemporary architecture, Aseana Plaza envisions to promote a healthy workplace setting by providing the business community with relaxing office spaces, a landscaped environment and enhanced pedestrian mobility through skybridge connections to current and future developments in Aseana City. Further, the project is conveniently accessible via major thoroughfares and houses a variety of dining and retail experiences.

 

“As the master developer of Aseana City, strengthening the livability aspect of our projects is our passion and commitment. We also strive to ensure that we deliver world class public and private spaces to our tenants, investors, and residents as we continuously learn and reinforce holistic designs through these changing times, said Buds Wenceslao, CEO of DMWAI.”

 

 

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ABOUT D.M. WENCESLAO & ASSOCIATES, INCORPORATED

DMW is an integrated property developer with expertise in real estate and. It is the master developer and primary owner of Aseana City, a development project with a total land area of 107.5 hectares located along the coastal waters of Manila Bay. Since 1965, DMW has reclaimed more than 2.4 million square meters of land, leased or developed 245,000 square meters of land and buildings, and completed over 140 construction and infrastructure projects including large, complex government developments throughout the Philippines. For further information, visit dmwai.com or contact iro@dmwai.com

Makati, Philippines – D.M. Wenceslao Group (PSE:DMW), through its residential development arm, Aseana Residential Holdings Corp. (ARHC), acquired a 1,600 sqm building in Legazpi Village, Makati City. Legazpi Village, a walkable neighborhood in the Makati Central Business District, known as haven for young professionals and families with its offering of new retail concepts, restaurants, and relaxing retreats of parks and open spaces.

The company stated that it plans to build an upscale residential condominium in the area.

“This has been a challenging year for the real estate sector with the impact of the pandemic. However, we remain optimistic in the market fundamentals and the prime location of the neighborhood. We believe that this property allows the company to expand and diversify our investment portfolio and development pipeline. While Aseana City remains our flagship project, we will continue to seek opportunities in prime locations even in this current environment, said DMW CEO, Mr. Buds Wenceslao in a statement.

 

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ABOUT D.M. WENCESLAO & ASSOCIATES, INCORPORATED

DMW is an integrated property developer with expertise in land reclamation, construction and real estate development. It is the master developer and primary owner of Aseana City, a development project with a total land area of 107.5 hectares located along the coastal waters of Manila Bay. Since 1965, DMW has reclaimed more than 2.4 million square meters of land, leased or developed 245,000 square meters of land and buildings, and completed over 140 construction and infrastructure projects including large, complex government developments throughout the Philippines. For further information, visit dmwai.com.

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