D.M. Wenceslao & Associates, Inc. (DMW) said it closed the sale of a 1,970 square-meter (sq.m.) plot of land in Aseana City, which the company said “validates” its approach to develop the project “holistically.”

“We ensure quality locators that each accrue value to the whole estate rather than just increase sheer density,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said in a statement on Monday.

DMW said the sale was completed “towards the end” of December last year. The company added that the transaction further strengthened its balance sheet that already stood at a P2.4-billion net cash position as of the third quarter.

The 1,790 sq.m. plot sold is part of the land DMW allocated for future sales.

The company said it still has 6,000 sq.m. within its Aseana City to sell to “parties with planned developments that will contribute to the overall growth and community” of its project.

Aseana City, located along the coastal area of Manila Bay, has a total land area of 107.5 hectares. The areas DMW is selling are “non-core” plots of the listed company’s own development plan.

“We manage Aseana City based on global standards, with emphasis on the central business district’s mixed-use master plan, walkability, sustainability, and prime location,” Mr. Wenceslao said.

“Such approach continued to attract locators, allowing asset prices in Aseana City to remain in a growth trajectory despite the COVID-19 (coronavirus disease 2019) pandemic,” he added.

Just last week, DMW said that membership shopping mart Landers inked a contract to lease a 15,064-sq.m. parcel of land within Aseana City for 25 years.

DMW shares at the stock exchange improved 1.21% or eight centavos to close at P6.68 each. — Keren Concepcion G. Valmonte