Property developer D.M. Wenceslao & Associates Inc. submitted two proposals to reclaim 735 hectares of Manila Bay in Parañaque City and Cavite province.
DMWAI said in a disclosure to the stock exchange it submitted the proposals to the Philippine Reclamation Authority to undertake reclamation projects in front of Aseana City in Parañaque and in Sangley Point, Cavite.
Under DMWAI’s proposals, the government will receive 200 hectares of land at zero cost. They serve as an extension of the previous agreements that the government signed with DMW where the latter was given rights on the frontage of the completed reclamation project.
“We look forward to continuing our work with the government to strengthen the country’s development activities,” DMWAI chairman Delfin Wenceslao Jr. said.
“This 400-hectare reclamation project is in line with our thrust to contribute to nation-building,” he said.
DMWAI’s completed reclamation project in Parañaque City now houses numerous entertainment, gaming and tourism destinations which have become a key driver of economic growth. It is where Aseana City and PAGCOR Entertainment City now stand and where the recently opened Ayala Malls Manila Bay is located.
The proposed project in Cavite is involves the reclamation of 335 hectares of offshore island in Sangley Point in preparation for the development of the Sangley International Airport.
The proposal is undergoing review by the Office of the President, Department of Transportation and the Department of Finance.
“We look forward to demonstrate once again our expertise in land reclamation. Over the last 50 years, we have reclaimed more than 2,400,000 square meters of land across the Philippines. We are pleased to draw on that experience to successfully deliver and safely execute these projects,” said Wenceslao.
No portion of the proceeds from the initial public offering will be used for these projects.
The PRA early this year reported that there were at least 22 pending reclamation applications in the Manila Bay area.
