PROPERTY developer DM Wenceslao and Associates, Inc. has lined up nine projects in Metro Manila over the next five years, in a bid to beef up its sources of recurring income.
In a statement issued Thursday, DM Wenceslao said it will develop three residential projects with a total saleable floor area of 88,000 square meters (sq.m.) alongside six commercial projects with a total leasable area of 280,000 sq.m.
DM Wenceslao will be embarking on its first residential project called Pixel Residences located in Aseana City, the company’s mixed use business district in Parañaque City. The company expects to complete Pixel Residences by October 2019.
“We are also in a good position to avail of construction opportunities available in this golden age of infrastructure,” DM Wenceslao Chief Executive Officer Delfin Angelo Wenceslao said in a statement.
This will bring the number of projects under DM Wenceslao’s portfolio to 16, as it has completed seven properties with a total leasable floor area of 59,027.9 sq.m. by the end of 2017.
The company reported a net income of P1.56 billion in 2017, following revenues of P3.01 billion. Majority of the DM Wenceslao’s projects are located in Aseana City, its 204-hectare flagship project.
The company has so far developed around half of Aseana City’s total land bank.
DM Wenceslao recently filed for a P15.5-billion initial public offering with the Securities and Exchange Commission. Here, the company will be offering up to 679.172 million shares to the public, with an overallotment option of up to 101.876 million shares, priced at P22.90 each.
The company looks to debut on the Philippine Stock Exchange’s main index under the ticker “DMW” by June 1, pending the approval of the SEC and the PSE. Proceeds of the offer will fund the nine projects it has lined up, infrastructure development in Aseana City, and other corporate purposes.
The property developer has tapped BPI Capital Corp. and Maybank Kim Eng Securities, Pte. Ltd. as the joint global coordinators and book runners of the offer, while the latter will serve as the international lead manager and underwriter. — Arra B. Francia
