DM Wenceslao breaks ground for biggest project yet
MANILA, Philippines – DM Wenceslao and Associates Inc. (DMW) has broken ground for what is so far its largest commercial project as demand for “modern” workspaces rises.
The developer of Aseana City on Tuesday disclosed that Aseana Plaza Phase 1 would have around 70,000 square meters (sq m) of gross leasable area. The entire project covers 130,000 sq m.
With completion slated by the end of 2028, the project is expected to widen DMW’s commercial portfolio to at least 300,000 sq m.
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The office building is intended to house global logistics and shipping firms, business process outsourcing companies and traditional corporate head offices.
“DMW aims to capitalize on demand from companies seeking modern work environments within an integrated urban community,” the company said in its disclosure.
Aseana Plaza will be connected to the estate’s upcoming skywalk system. This is to enhance walkability and connectivity within the 107.5-hectare Aseana City, according to DMW.
The project comes as demand for modern office spaces increases. Based on its Manila survey report released in April, real estate broker Colliers Philippines said 33 percent of property stakeholders favored more collaborative spaces. Meanwhile, 26 percent preferred the incorporation of smart technologies.
DMW also noted that developers had an opportunity to remain competitive and “enhance the value of their spaces to meet evolving workplace needs.” This is so especially at a time when office vacancy remains high.
The company’s commercial leasing segment lifted its first-quarter earnings by 2.12 percent to P562.43 million.
Its top line likewise rose by 14 percent to P1.07 billion. This happened as the firm’s commercial building revenues jumped by nearly a third to P406 million.
Meanwhile, residential revenues reached P167 million. This marked a 13-percent increase on the back of construction progress at its MidPark project.
“Our first-quarter results underscore the merits of our integrated development strategy and focus on placemaking,” DMW CEO Delfin Angelo Wenceslao said in a separate statement.
