D.M. Wenceslao & Associates, Inc. (DMW) has completed another land sale within Aseana City, marking the company’s third successful transaction for the project within the past two months.
The company told the exchange on Wednesday that it had sold another parcel of land spanning 1,790 square meters (sq.m.) for an undisclosed amount.
“We continue to point to our approach of developing Aseana City holistically as the primary driver of the continued growth trajectory of asset prices in Aseana despite the COVID-19 (coronavirus disease 2019) pandemic,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said.
The sale comes just weeks after DMW announced that it has inked a contract of lease with membership shopping mart Landers for a 15,064-sq.m. space in its 107.5-hectare project.
Last month, the company also completed a separate 1,790 sq.m. land sale in Aseana City. DMW said the lot size and the transaction price are “virtually identical” to the latest one.
“These transactions also allowed us additional capital to recycle for the development of our commercial and residential pipeline,” Mr. Wenceslao said.
DMW still has 4,200 sq.m. of land to sell to parties with ideas that are in line with the company’s growth plans for Aseana City. The company said these parcels are “non-core plots” to its own development plan for the project.
DMW shares at the local bourse inched up 0.15% or one centavo on Wednesday, closing at P6.78 per share. — Keren Concepcion G. Valmonte