INTEGRATED construction and real estate firm DM Wenceslao & Associates Inc. has signed a deal with the local unit of Hongkong Land, a regional property firm under the Jardine Matheson Group, to jointly develop a 2.6-hectare parcel of land in Aseana City.
In a press statement on Wednesday, DM Wenceslao said the joint agreement was signed by subsidiary Portal Holdings with Hongkong Land (Philippines) BV.
The joint venture will develop primarily residential projects over a total land area of around 26,000 square meters within DM Wenceslao’s Aseana City, a waterfront estate along the Manila Bay area.
Hongkong Land is a listed leading property investment, management and development group which owns and manages almost 800,000 square meters (sqms) of prime office and luxury retail property in key Asian cities, principally in Hong Kong and Singapore as well as in mainland China. 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. It also has a number of residential and mixed-use projects under development in cities across greater China and Southeast Asia.
DM Wenceslao, for its part, will contribute local development and construction expertise and a portion of its prime landbank in the Manila Bay Area to the joint venture.
“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 exevutive officer Buds Wenceslao.
DM Wenceslao is a 40-year-old construction, property and infrasructure group with over 58 hectares of landbank. Aseana City, its prime asset, is strategically located next to the Pagcor Entertainment City in the Manila Bay area.
DM Wenceslao is set to debut on the stock market with an offering worth as much as P21.7 billion. It will sell to the public 429.17 million in new common shares for as much as P44 per share, allowing the company to raise P18.88 billion in fresh funds. This offering will bring to public hands at least 20 percent to as much as 23 percent of equity and give the company a post-initial public offering market capitalization of P94.42 billion.