MANILA -- Construction and infrastructure group D.M. Wenceslao & Associates Inc. has earmarked PHP21 billion for its capital expenditure over the next five years, as it sees continued growth in demand for residential, retail and commercial spaces especially in up-and-coming business district, Aseana City.
Company chief executive officer Delfin Angelo Wenceslao said they target to deliver 380,000 square meters (sqm) of leasable and saleable properties by 2023 in line with the goal to reach a 10 to 20-percent net income growth yearly.
“All are at their peaks right now, vacancies are low, supply is very limited. All of the demand that we see in terms of take-up of our office buildings or (residential) condominium is very positive. The connectivity of the infrastructure NAIA (Ninoy Aquino International Airport) Expressway, the LRT (Light Rail Transit Line) 1 extension (project), all of that are going to further enhance the value that you see in the Manila Bay, and Aseana City in particular,” he said in an interview on Monday.
In 2019, D.M. Wenceslao is more than doubling its capital expenditures to PHP4 billion from last year’s close to PHP2 billion.
“We are breaking ground on MidPark Towers by second quarter of this year. We are breaking ground on Parkal, that’s our 68,000-sqm retail development also by second quarter of this year. And we hope to substantially finish our Jupiter project in Makati end of this year,” he said in a press briefing.
MidPark condominium development and Parkal projects are located in Aseana City.
“We are quite confident about our growth prospect for the year,” he added.
The construction and infrastructure group grew its net income attributable to equity holders by 23 percent in 2018 to PHP1.91 billion from PHP1.56 billion the previous year.
Last year, the company made progress in spearheading the development of Aseana City through implementing its pipeline projects.
Earlier in the year, it delivered its third office building, Aseana Three, which added 30,000 sq. m. to its total leasable gross floor area.
Construction of 8912 Asean Ave. (formerly Aseana Four) has also started in light of sustained office demand and is on track for 2020 completion.
“The rising economic activity and employment opportunities in the Manila Bay area make the residential segment highly promising. We have expanded our footprint in this fast-growing market which we expect to rise further in 2019,” Wenceslao further said. (PNA)
