D.M. Wenceslao & Associates, Inc. (DMW) is launching the third tower of its residential development MidPark Towers this month, after selling over P4.3 billion worth of units in same project over the last six months.
The listed property developer said in a statement that its wholly owned unit Aseana Residential Holdings Corp. has already sold 278 out of the 309 units in MidPark Towers since its launch last November. Units were sold at an average of P250,500 per square meter (sq.m.)
“The overwhelming response from homebuyers of MidPark Towers exceeded our expectations. This reflects strong demand for quality homes and real estate investment opportunities among Filipinos and foreigners,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said in a statement.
With this, DMW said the third tower will be available for sale starting this month. It will offer 204 residential units priced from P10.8 million for the smallest unit at 40 sq.m. This indicates a price per sq.m of P275,000, 25% higher than the P220,000 per sq.m price for the first two towers during their launch.
MidPark Towers will have four towers with 15 storeys each, with sales seen to reach more than P9 billion. With a total of 670 units, the entire project will contribute around 45,000 sq.m in saleable area to DMW’s portfolio. It will also house 2,000 sq.m of leasable area.
The company earlier said that buyers in its first tower were mostly families, BPO workers, and casino employees working in nearby Entertainment City.
MidPark Towers is DMW’s second residential project in Aseana City after the launch of Pixel Residences in 2016.
DMW expects to complete the project by 2023.
“By then, Aseana City will feature new landmarks, even more recreational and entertainment venues, vibrant public spaces and well-developed transportation links,” Mr. Wenceslao said.
Aseana City is a 107.5-hectare estate located along Manila Bay, which stands near the Ninoy Aquino International Airport and the Parañaque Integrated Terminal Exchange. It will also see the opening of a new Ayala Mall in the next few years.
DMW last year said it will spend P12 billion to develop Aseana City over the next five years. This includes three residential projects and six commercial developments covering 280,000 sq.m. of leasable space.
DMW reported a nine percent increase in net income attributable to the parent to P507.09 million in the first quarter of 2019, after gross revenues also rose 13% to P608.58 million.
Shares in DMW climbed 1.41% or 14 centavos to close at P10.08 each at the stock exchange on Thursday. — Arra B. Francia