D.M. Wenceslao & Associates, Inc. (DMW) is planning to build a residential condominium in Makati City after acquiring a 1,600- square meter property in the area.
In a statement Thursday, the company said its residential development arm, Aseana Residential Holdings Corp., bought a building in Legazpi Village, Makati City.
The company plans to develop it into an upscale residential condominium, which will be close to young professionals and families that frequent the location.
“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,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said in the statement.
The property is within the Makati City central business district, which DMW said makes it an ideal location because of its proximity to retail concepts, restaurants and open spaces.
“We believe that this property allows the company to expand and diversify our investment portfolio and development pipeline,” Mr. Wenceslao added.
DMW’s property development portfolio includes residential condominium projects in Parañaque City. Its flagship project is Aseana City, a 107.5-hectare property along the coasts of Manila Bay.
“While Aseana City remains our flagship project, we will continue to seek opportunities in prime locations even in this current environment,” Mr. Wenceslao said.
DMW posted an attributable net income of P716.5 million in the first semester, down 36% from a year ago, due to a P600- million one-off gain in 2019.
Its shares at the stock exchange picked up eight centavos or 1.51% to close at P5.38 each on Thursday. — Denise A. Valdez
