MANILA, Philippines — D.M. Wenceslao & Associates Inc. (DMWAI), the IPO-bound construction and real estate developer, has lined up nine projects to expand its footprint and broaden its sources of recurring income.
In the pipeline are three residential and six commerical developments, DMWAI chief executive officer Delfin Angelo Wenceslao said.
“All will be completed within the next five years,” Wenceslao said, adding that the projects would boost the company’s recurring income.
The residential projects will provide a total saleable floor area of 88,000 square meters, while the commercial ventures promise a total leasable area of 280,000 sq.m.
DMWAI’s first residential development, Pixel Residences, is set to be completed by October 2019.
Outside the residential space, Wenceslao said the company is also looking for other opportunities amid the prevailing infrastructure boom.
Around half of DMWAI’s revenues come from recurring sources, or from leasing office and commercial space and land rentals.
Last year, the company doubled its net income to P1.56 billion.
DMWAI has 57 hectares of land in Metro Manila in its portfolio, most of which are in the 110-hectare Aseana City, one of the country’s largest and fastest-growing mixed-use business districts.
Its flagship projects, Aseana City is located between Entertainment City and the Mall of Asia in the Manila Bay area, near key transport linkages such as the NAIA Expressway, LRT Line 1 Extension and the Southwest Integrated Bus Terminal Exchange.
The company is seen benefiting from the rise in property values in the Manila Bay area.
Property prices in the district now range from P150,000 to P250,000 per sq.m., growing by an average of 24 percent annually over the past 10 years, according to data from real estate consulting firm Colliers International.
As of the end of 2017, DMWAI had completed more than 100 ports, bridges, expressways, and other construction and infrastructure projects across the Philippines.
The company is targeting to go public this year.
It has already filed with the Securities and Exchange Commission an application for a P15.5 billion initial public offering, reviving its earlier plan to debut in the Philippine stock market.