DM Wenceslao & Associates Inc., a construction and real estate company that plans to go public next month, has teamed up with Hongkong Land to develop residential units within its 204-hectare Aseana City project.
DM Wenceslao said in a statement unit Portal Holdings Inc. and Hongkong Land’s subsidiary Hongkong Land (Philippines) B.V. would jointly develop residential projects over approximately 26,000 square meters in Aseana City.
“We believe that partnerships like this will give us the right combination of local knowledge and global development standards and expertise. This is one of the company’s key visions; to transform Aseana City into the Philippines’ next generation city and provide a higher quality of real estate products to our nation” said DM Wenceslao chief executive Delfin Wenceslao.
Hongkong Land’s established international track record and experience in developing regional waterfront projects would bring a fresh world-class perspective to the development of Aseana City, the company said.
Hongkong Land is expected contribute its well-established local development and construction expertise, and a portion of its prime land bank in the Manila Bay Area to the joint venture.
Hongkong Land is a listed leading property investment, management and development group, which owns and manages almost 800,000 sq. m. of prime office and luxury retail property in key Asian cities, principally in Hong Kong and Singapore.
It has significant experience in the establishment of world-class residential and business hubs, such as the Hong Kong Central Business District and the Marina Bay Financial Centre in Singapore.
Hongkong Land has a number of residential and mixed-use projects under development in cities across Greater China and Southeast Asia.
DM Wenceslao is an integrated property developer with an established track record and market-leading capabilities in land reclamation, construction and real estate development.
The company has one of the largest land holdings in Metro Manila with over 58 hectares.
Aseana City, the company’s prime asset, is strategically located next to the Entertainment City in the Manila Bay area, and is positioned as the next major mixed use CBD within Metro Manila.
It will have various developments comprising of recreational and entertainment outlets, commercial and retail developments, prime office space and residential condominiums.
The company plans to raise as much as P21.7 billion through an IPO in December.