Aseana Holdings Inc., a subsidiary of newly-listed DM Wenceslao Inc., is planning to spend P12 billion over the next five years for the ramped-up development of Aseana City in Paranaque City.

In a press briefing, DMWI President Delfin Angelo Wenceslao Jr. said they have lined up nine projects for the next five years to expand its real estate portfolio and increase its sources of recurring income.

The bulk of the P12 billion, amounting to P11 billion, will be spent in the first three years, from 2018 to 2020.

For this year, Wenceslao said the company has allocated P3.1 billion, of which “roughly 40 percent” has already been spent for its office projects Aseana 3 and 4.

Next year, the company looks to spend P3.5 billion, and P4.3 billion in the year after. It spent P850 million 2017 and has increased expenditures because of fresh capital raised from DMWI’s initial public offering.

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 in October 2019.

DM Wenceslao was responsible for the reclamation of the whole 204 hectare Aseana City, of which the company now owns 29 hectares.

About 73 percent of the company’s landbank is comprised of the Aseana City lots, which Wenceslao said is enough for development over the next 10 years. The company has developed roughly half of its land holdings in Aseana City.

Source: Manila Bulletin