DM Wencesalao bares projects
DM Wenceslao & Associates Inc., a construction company planning to go public later this year, said it has 10 projects in the pipeline that will boost revenues over the next five years.
DM Wenceslao said in a regulatory filing said the projects included three residential developments with total gross saleable floor area of 68,384 square meters and seven commercial and office developments with a total gross leasable floor area of 324,264 square meters.
“Our leasing of prime land and commercial buildings provides us with a stable and recurring income source whereas our sales of non-core land plots and residential units allows us to maximize the value of such land and developments,” DM Wenceslao said.
Most of the company’s pipeline projects will be constructed on plots from existing land holdings, it said.
DM Wenceslao’s biggest landholdings is the 204-hectare property in Asean City located next to the Entertainment City and Mall of Asia complex in the Manila Bay area.
The property is positioned as the next major mixed-use central business district within Metro Manila, comprising recreational and entertainment outlets, commercial and retail developments, prime office space and residential condominiums.
DM Wenceslao said for residential developments, it was set to pre-sell its first condominium project called Pixel Residences. Construction will begin in 2017.
Pixel Residences will comprise upscale larger format apartment units, ranging in size from 35 square meters to 85 square meters, which will target the higher mid-end of the consumer market, including middle-class working families, BPO executives, expatriates working at the recreational and casino developments and foreigners looking to invest in Aseana City.
“Demand for housing in the Manila Bay area has been growing as scarcity of land becomes more prevalent in the other more matured major CBDs within Metro Manila. The increasing number of office and retail developments in Aseana City and surrounding areas is expected to lead to a rise in demand for conveniently located residential options,” DM Wenceslao said.
The company said five of the seven commercial developments in the pipeline were office buildings that would accommodate a wide range of tenants, including BPOs and gaming- related companies.
DM Wenceslao started construction of its third office building in Aseana City, called Aseana 3 in July. The building is set to be completed by the end of 2016.
DM Wenceslao plans to raise as much as P21.7 billion through the share sale in November.
The company tapped BPI Capital Corp., CLSA Limited., Deutsche Bank AG, and Maybank ATR Kim Eng Securities Pte. as the joint global coordinators and book runners for the initial public offering.