Business and Economy
Firm’s IPO to expand footprints in residential, com’l property marts
MANILA — Construction and real estate developer D.M. Wenceslao & Associates Inc. (DMWAI) plans to expand its footprint in residential and commercial property markets, riding on construction opportunities as the government undertakes a massive infrastructure program.
DMWAI, which aims to pursue a PHP15.5-billion initial public offering (IPO), targets to complete three residential and six commercial developments within the next five years.
DMWAI chief executive officer Delfin Angelo Wenceslao said the residential projects would provide saleable floor area of 88,000 square meters, while the commercial ventures promise a total leasable area of 280,000 sq.m.
“We are also in a good position to avail of construction opportunities available in this golden age of infrastructure,” Wenceslao said in a statement.
As of end of 2017, DMWAI has completed more than 100 ports, bridges, expressways, and other construction and infrastructure projects across the Philippines.
DMWAI group has developed roughly half of the land holdings in Aseana City, its flagship project which sits in between Entertainment City and the Mall of Asia in the Manila Bay area. The other half remains unallocated.
It almost doubled its net income from PHP872 million in 2015 to PHP1.56 billion last year.
About half of DMWAI’s revenues come from recurring sources, or from leasing office and commercial space and land rentals.
