DM Wenceslao sets P3.1-B capex for projects

By Leslie Gatpolintan

July 5, 2018, 7:48 pm

MANILA -- Integrated property developer D.M. Wenceslao and Associates Incorporated (DMWAI) is looking at spending PHP3.1 billion this year for the completion of its nine projects and developments within Aseana City in Pasay City.

This year’s planned capital expenditures (capex) is almost four times higher than last year’s PHP850 million.

“It’s basically for the nine pipeline projects and some infrastructure. Obviously, when you build the buildings, you are also going to build the roads, utilities, water connections, all of these things,” DMWAI Chief Executive Officer Delfin Angelo Wenceslao said in a press briefing on Thursday.

Wenceslao said these comprise six commercial projects and three residential projects valued at PHP12 billion.

He added that the projects are expected to be completed within the next five years.

DMWAI last week raised PHP8.1 billion through an initial public offering (IPO).

It would use roughly half of the net proceeds to fund the development and construction of the projects.

The company would utilize the remaining amount to obtain land assets and fund the development of infrastructure within Aseana City and for other general corporate purposes. (PNA)