test sample - D.M. Wenceslao and Associate Inc.

August 1, 2018

Leasing growth boosts DM Wenceslao first half income to P975M

PROPERTY and construction firm DM Wenceslao and Associates Inc. saw its net income in the first half of the year grow by 42.5 percent on the back of strong growth in its leasing business.

In a filing to the Philippine Stock Exchange on Tuesday, DM Wenceslao said net income rose to P975 million from P683.9 million in the same period last year.

Net profit attributable to shareholders of the parent company also grew 42 percent to P969.8 million.

Revenues dropped 20 percent from a year ago to P1.2 billion, 80 percent of which was contributed by recurring income due to the completion of a new office building.

Land rentals increased 5 percent to P482.2 million while building rentals expanded 70 percent to P351.9 million. Other leasing revenues also increased 70 percent to P127.9 million.

Sales from the residential segment rose 6 percent to P119.5 million while construction revenues rose 19 percent to P114.5 million.

“Strong execution from our marketing and construction teams is accelerating momentum across our businesses.

We have completed our third commercial office building ahead of schedule and within budget. This early delivery added over 30,000 square meters (sqm) of leasable gross floor area which was fully leased out as of the end of 2017,” DM Wenceslao Chief Executive Officer Delfin Angelo Wenceslao said.

In the first half of the year, the company commenced construction of a 68,980-sqm office building called 8912 Asean Ave., due for completion in 2021. It is the company’s largest project in its office portfolio so far.

On the residential side, construction of condominium project Pixel Residences is on track and should be completed in 2019.

“We have a clear set of strategies centered around portfolio expansion through a combination of land and commercial leasDM Wenceslao is poised to launch P12 billion worth of projects over the next five years — six for office space and three for residential.ing and residential sales growth,” Wenceslao said.

As at June 30, 2018, its total leasable gross floor area had increased 52 percent year-on-year to 89,914 sqm, leased land area was up 3 percent at 155,418 sqm and the occupancy rate stood at 94 percent.

DM Wenceslao is poised to launch P12 billion worth of projects over the next five years — six for office space and three for residential.

DM Wenceslao shares were down 8 centavos at P9.77 apiece.

July 31, 2018

DMW profit surges to P970 M on leasing

D.M. Wenceslao & Associates, Inc. reported a 42 percent surge in net income to P969.8 million in the first half of the year due to the strong growth in its core leasing business and the successful addition of an investment property to its portfolio.

In a disclosure to the Philippine Stock Exchange, the firm said revenues amounted to P1.2 billion with recurring income contribution reaching 80 percent–primarily due to completion of a new office building.

Rentals of land grew 5 percent to P482.2 million while rentals of buildings and other revenues related to leasing expanded 70 percent to P351.9 million and P127.9 million, respectively.

Residential unit sales increased 6 percent to P119.5 million and construction revenue rose 19 percent to P114.5 million.

“Strong execution from our marketing, and construction teams is accelerating momentum across our businesses,” noted DMW Chief Executive Officer Delfin Angelo C. Wenceslao.

He added that, “we have completed our third commercial office building ahead of schedule and within budget. This early delivery added over 30,000 sq.m. of leasable gross floor area which was fully leased out as of the end of 2017.”

During the first half of 2018, construction started on 8912 Asean Ave. (formerly known as Aseana Four), an office building due for completion in 2021. With 68,980 sq.m. of leasable gross floor area, 8912 Asean Ave. is the Company’s largest office project to date.

Construction remains on track for residential condominium project Pixel Residences which is expected to be completed by 2019.

“We have a clear set of strategies centered around portfolio expansion through a combination of land and commercial leasing and residential sales growth,” Wenceslao said.

June 19, 2018

Financial Adviser: 5 Things You Should Know About D.M. Wenceslao & Associates’ IPO

Integrated property developer D.M. Wenceslao and Associates (PSE:DMW) is preparing for its initial public offering (IPO) this month. The company is raising up to Php8.15 billion by selling 679 million shares to the public, equivalent to 20 percent of its total equity at Php12 per share.

The company earlier planned to offer its shares at Php22.90 apiece during the book-building period but had to cut its offering price by 48 percent to Php12 per share due to the poor market condition.

The huge discount to IPO price is expected to improve demand on DMW shares as the offering period lasts from June 18 to 22. Early market indications from PSE brokers show that the IPO is already oversubscribed.

An oversubscribed IPO occurs when demand for the new stock exceeds the total number of shares available offer for sale. Growing demand for DMW IPO shares may lead to strong opening share price on its first trading day on June 29.

Before you get carried away with the hype and excitement of the IPO, always bear in mind that you are not only buying the stock, you are buying the business and becoming a part-owner. Spend some time to understand the business of DMW and how its growth prospects will help increase the value of your investment.

Once you are aware of the fundamentals of the company, you will have a better handle on the risk and return that you can expect from investing in the IPO. Here are the top five things every investor need to know about D.M. Wenceslao’s IPO:

1. Strong recurring revenue growth out

DMW is in the business of real estate that comprises land sales and leasing, commercial building leasing, property development and residential unit sales.

The company owns one of the largest land holdings in Metro Manila, majority of which is in Aseana City, which is strategically located next to PAGCOR’s Entertainment City and SM Mall of Asia Complex.

Total revenues have been growing by an average of 35 percent per year from Php1.6 billion in 2015 to Php3 billion in 2017. A bulk of its current revenues, about 49 percent, comes from its leasing business from land and commercial properties, which has been growing by an average of 11 percent per year.

Land sales, on the other hand, contribute about 36 percent of revenues with the balance from construction contracts and sale of condominium units.

DMW currently has a total leasable area of 59,000 square meters in Aseana City, but after the IPO, it expects to boost its total leasable area fourfold to 264,574 square meters in the next five years. This should sustain, if not increase, the growth of rental revenues of the company in the years ahead.

2. Rising operating income margins to sustain profitability

Profit margins are important barometers of a company’s health. It measures how much a company keeps in earnings after deducting all of its expenses for every peso of revenue.

DMW keeps about half of its annual revenues as net profit. In 2017, the company reported a robust 52 percent net profit margin, slightly lower from previous year’s margin at 55 percent.

But a closer look at its operating profit, which excludes the one-time gains from property investment transactions and finance charges, will reveal that its margins from its core revenues actually grew from 62 percent in 2015 to 64 percent in 2017

Expected increase in total leasable area and fixed annual escalation rates of up to 10 percent from its existing land and commercial leases supported by disciplined cost structure should help support profit margins to improve further.

3. Solid cash flows to support long-term growth

Operating cash flow, often called the lifeblood of a company, measures the company’s ability to generate sufficient amount of cash from its normal business operations to pay for its expenses and finance its capital expenditures.

DMW’s operating cash flow has been growing in the past three years from a negative cash flow of Php112 million in 2015 to a positive Php1.2 billion in 2017. Current operating cash flow represents about 41 percent of total revenues, which grew from a 22-percent margin in the previous year.

The robust cash flows generated from its core business has enabled DMW to finance its capital expenditures internally last year and the previous year. The expected increase in revenues from expansion coupled with healthy profit margins should sustain cash flow growth in the future.

4. Declining debt ratio and expanding equity to boost financial position

Current ratio measures a company’s ability to pay its short-term and long-term obligations. A ratio of more than 1.0 indicates that the company is in good financial health and has sufficient cash and short-term assets to pay off all its current liabilities.

DMW’s current ratio in 2017 was at 1.55, which improved from its previous year’s ratio of 1.41. This means that DMW has Php1.55 worth of current assets that include cash and receivables for every Php1.00 worth of current liabilities.

Prudent financial management of DMW also saw its debt-to-equity ratio decline significantly from 42 percent in 2015 to 33 percent in 2016 down to 26 percent in 2017. The company has only utilized 30 percent of its existing credit facilities as most of its expansion has been financed from internally generated cash flows.

After the initial public offering, DMW’s equity is projected to expand from Php10.2 billion to Php17.8 billion, which will bring down its debt-to-equity ratio further to just 13.8 percent. Its cash reserves, on the other hand, will improve by Php7.6 billion, which is the amount that will come from the proceeds of the IPO.

Promising share price appreciation

DMW has maintained a healthy return on equity (ROE) ratio for the past three years. In 2017, the company reported ROE of 18 percent, higher than the 16 percent registered in the previous two years.

ROE measures how much profit a company generates for every peso of shareholders’ equity invested. Considering DMW’s historically high ROE at 18 percent, the expansion of its equity base to Php17.8 billion should eventually translate to annual net income of Php3.2b, which will more than double current earnings.

At this prospective earnings and considering its growth potentials, the stock should eventually trade at Php23 per share in the future, almost double the current offer price, assuming it will trade at 25x Price-to-Earnings ratio incorporating all of its growth potentials.

June 18, 2018

From Military Engineer to Reclamation Pioneer: D.M. Wenceslao and PH’s First IPO of 2018

From June 18 to 22, real estate developer D.M. Wenceslao & Associates Inc. (DMWAI) will be offering up to 781 million shares for Php12 apiece. The company will then list on the main board of the Philippine Stock Exchange (PSE) on June 29, making it the first for 2018.

With DMWAI’s initial public offering (IPO) being the first in over 10 months, many are keen to see if buying its stocks would be a worthwhile investment. And one key factor every investor should keep in mind before participating in the IPO is the company itself.

So for those who are still deciding whether or not they should buy DMWAI’s IPO stocks, here’s a quick look at the issuer of the country’s first IPO for 2018:

An experienced team

DMWAI was incorporated in 1965 by Delfin M. Wenceslao Sr., a retired military engineer who originally established it as a sole proprietorship five years prior. Today, it is run by his son, Delfin J. Wenceslao Jr., who was the former president of the Philippine Constructors Association and is currently a board member of the International Federation of Asian and Western Pacific Contractors’ Association.

Much of the board is run by other members of the Wenceslao family, such as Delfin Angelo Wenceslao, Wenceslao Jr.’s youngest son, who sits as the company’s CEO. A licensed real estate broker, he has over 17 years of experience in the property sector to his name.

Similarly, DMWAI noted in its prospectus that its senior management team has “an average of over 20 years of experience in the construction and real estate industry.” It further highlighted that these people “are also licensed real estate brokers and possess in-depth knowledge of the Philippine property sales and leasing markets.”

Growth Area

While DMWAI has over 100 construction and infrastructure projects to its name, it is perhaps best known as the developer of Aseana City, a 107-hectare mixed-use development located in the reclaimed area in both Pasay and Parañaque cities. Most of its recent and future projects are located within this development.

The location, commonly referred to as the Bay Area, has been on the radar of property investors and analysts alike in recent years due to its large growth opportunity. This is driven both by large demand from mostly foreign investors as well as the rapid pace of development in the area. It is also benefiting from current and future infrastructure projects surrounding the area, such as the NAIA Expressway and the Southwest Integrated Transport System.

Aside from being behind one of the major developments within the Bay Area, DMWAI is also one of the key figures behind the reclamation of the area itself. In 1991, the company formed R1 Consortium with foreign partners, which was tasked by the Philippine Reclamation Authority to head the 204-hectare reclamation project that would be the foundation of today’s Bay Area. In return, the government gave the consortium around half of the reclaimed land, which is what DMWAI has used to develop Aseana City.

Anchors in the Area

Such a prime location also means that there are several players other than DMWAI who are taking advantage of the opportunity. These other players are by no means small; DMWAI’s fellow developers in the Bay Area include large listed companies such as SM Investments, Megaworld, Filinvest Land and DoubleDragon Properties.

But while DMWAI recognizes the heavy competition it faces in the area, it is also benefiting from Aseana City’s proximity to these competitors’ developments—most notably SM’s Mall of Asia Complex and the multi-developer Entertainment City—as these are main draws to its own spaces. In an interview with Forbes Philippines for its February 2016 issue, the elder Wenceslao recognized Aseana City’s positioning with competitors as advantageous to DMWAI’s strategy.

“You are surrounded by anchors,” Wenceslao said in the interview. “You just find a way to take advantage of the anchors.”

Diversified

DMWAI’s revenue stood at Php3 billion in 2017, growing 38 percent from the year prior. Its net income experienced a similar 30-percent increase to Php1.6 billion.

However, much of these sales is attributed to a single development: Aseana City. While the IPO is expected to benefit this development, as a bulk of the proceeds will be used for the construction of the company’s pipeline projects within Aseana City, it does not have multiple large-scale developments unlike other listed property companies.

In its prospectus, DMWAI addressed this risk by highlighting that it has diversified its sources of income beyond its leasing and sales of land within Aseana City. With numerous residential and commercial projects all expected to be completed in the next five years, these projects are seen to boost DMWAI’s revenues from rental income. It also said that it “may also pursue strategic and opportunistic acquisitions of land and other properties outside Aseana City.”

IPO, finally

Prior to this year’s listing, DMWAI already had plans to list in the PSE in 2015. In fact, it was already scheduled to be listed on December 22 that year. However, it had postponed its IPO weeks before the listing date, citing that it was “very close to the year-end holidays” back then.

DMWAI’s current offer price of Php12 per share is much less than the maximum price of Php22.90 it set prior to receiving SEC and PSE approval for the IPO. A market analyst quoted by the Philippine Daily Inquirer said that DMWAI’s offer price was “very good value for investors,” while a different analyst cited by Reuters described the price as “fair.”

However, the Reuters article also pointed out that the low offer price is “the latest sign of a lack of appetite for share listings in Southeast Asia’s worst-performing stock market.” Indeed, food-and-beverage manufacturer Del Monte Philippines deferred its IPO, which was scheduled to list days before DMWAI, because of “volatile” market conditions.

June 18, 2018

Buying D.M. Wenceslao? Some tips

Are you deciding whether to subscribe to D.M. Wenceslao & Associate’s (DMW) initial public offering (IPO)? The following could help you decide.

DMWAI chief executive officer Delfin Angelo Wenceslao said the residential projects will provide an approximate total saleable floor area of 88,000 sq.m., while the commercial ventures promise a total leasable area of 280,000 sq.m. These include DMWAI’s first residential development, Pixel Residences, which is set to be completed by October 2019.

Aseana City is also one of the most attractive locations to build offices. According to Leechiu Property Consultants, 26 percent of supply added to the office sector in 2017 came from the Manila Bay Area, one of the most preferred locations of Philippine Offshore Gaming Operators (Pogos).

Accessibility is expected to improve given several infrastructure projects, including the Southwest Integrated Bus Terminal Exchange Station and the LRT Line 1 extension project.

Aseana City, its flagship project, sits right in between Entertainment City and the Mall of Asia in the Manila Bay area, near key transport linkages such as the NAIA Expressway, LRT Line 1 Extension and the Southwest Integrated Bus Terminal Exchange. “Its location makes Aseana City a direct beneficiary of certain fast-growing sectors, including business outsourcing, gaming and tourism,” said Wenceslao.

Thus, capital appreciation potential is significant. According to Leechiu Property Consultants, the price of properties in the Manila Bay area has increased to P250,000/sqm in 2017 from P125,000/sqm in 2014, for a compounded annual growth rate of 26 percent.

Currently, DMW is heavily reliant on land leases and lot sales for profits. However, these activities are not the most efficient uses of its property as land leases provide low yields while lot sales deplete its landbank rapidly and is not sustainable.k

Nevertheless, DMW’s IPO will help unlock the value of its landbank. Using part of the P7.6 billion in IPO proceeds, DMW plans to construct six office buildings and three residential buildings. The six office buildings will increase its gross leasable area from 59,000 sqm as of end 2017 to 261,432 sqm by end 2022, and potentially boost building rental revenues from P450 million in 2017 to P3.8 billion in 2023. The said amount is more than three times the P1 billion in revenues generated from land sales in 2017, allowing DMW to completely end its practice of selling land without hurting profits. Meanwhile, the sales of residential units will allow DMW to better capitalize on the strong demand for properties in the area. Aside from Pixel Residences, which was sold out seven months after it was launched, DMW plans to launch two more residential buildings with a total saleable area of 75,200 sqm.

DMW also plans to buy 50 percent of shares it does not own in a joint venture company that owns six hectares of land beside City of Dreams Manila. This should further increase DMW’s landbank.

At its IPO price of P12 per share, DWM is offering its shares at a deep 66-percent discount to its estimated net asset value (NAV) of P121.1 billion or P35.40 per share. Aside from poor market conditions, shares were priced cheaply most likely due to DMW’s heavy reliance on land leases and lot sales for bulk of its profits. Whether or not the discount will narrow going forward depends largely on the successful execution of DMW’s plan to expand.

Still, the risk seems small given DMW’s huge attractive landbank and access to funding. Aside from the proceeds of its IPO, DMW still has much room to increase debts as the company only had P2.48 billion worth of loans and a very low net debt-to-equity ratio of 0.12x as of end 2017. Even without the new office buildings, DMW already generated P1.3 billion in operating profits from leasing activities in 2017 (while it only incurred P72 million in finance costs), putting it in an excellent position to leverage up if needed.

One of the main risks facing DMW is concentration risk as much of its value comes from its landbank in Aseana City. It has landbank in other areas, albeit very small.

The proposed land reclamation project of SM Prime in Pasay and Parañaque is also a risk as the increased supply of land in the Manila Bay area could limit the capital appreciation potential of Aseana City. However, SM Prime’s project still has not received the go signal from the government. It would take at least seven years for the land reclamation project to be completed, giving DMW ample time to develop its landbank in Aseana City.

The deadline to subscribe to DMW’s IPO is Friday, June 22 (although the deadline for subscription through COL

June 11, 2018

Institutional tranche of DM Wenceslao IPO oversubscribed

The institutional tranche of property developer D.M. Wenceslao and Associates Inc.’s maiden share sale was oversubscribed in light of the low pricing of shares, its underwriter said Monday.

“Institutional tranche was well covered by high-quality domestic and international investors at P12 per share,” Reginaldo Anthony Cariaso, president at BPI Capital Corp., said.

BPI Capital Corp., along with Maybank King Eng Securities Pte. Ltd., were tapped as the joint global coordinators and bookrunners for the offer.

“The institutional tranche is oversubscribed. We look forward to the retail offer period. Good start to the deal,” said Cariaso.

The company priced its IPO at P12.00 per share. It expects to raise up to P8.5 billion by selling 679.2 million shares.

Cariaso declined to share more details regarding the oversubscription.

“I don’t like to use the number of times oversubscribed because, although it sounds nice to the market, it confuses investors,” he said.

DM Wenceslao filed its IPO applications before the Philippine Stock Exchange and the Securities and Exchange Commission in March.

“We are seeing good interest from retail. In my opinion, it’s very good value for investors,” Cariaso said.

The retail tranche is scheduled to take place on June 18 to 22, with the shares set to be listed on the stock exchange on June 29, making the company the first to go public this year.

The company planned for an IPO in 2015 and targeted to raise P15.5 billion at an offer price of P22.90 per share.

The company has said proceeds from the initial offering will be used to “further expand its real estate development footprint through a mix of commercial and residential projects in Aseana City.”

Other firms which were planning to stage an IPO this year included Del Monte Philippines Inc. and Philippines AirAsia Inc. — GMA News

June 11, 2018

DM Wenceslao prices P8.15-billion IPO at P12/share

D.M. Wenceslao & Associates, Inc. (DMWAI), a 53-year-old integrated property developer and construction company, is braving rough market conditions and has priced its initial public offering at P12.00 per share.

This was disclosed by DMWAI Chief Executive Officer Delfin Angelo C. Wenceslao in a disclosure to the Philippine Stock Exchange.

DMWAI said it plans to offer up to 679.19 million shares, or about 20 percent of the company’s total issued shares, for a total offering size of P8.15 billion.

The company has mandated BPI Capital and Maybank as the Joint Global Coordinators and Bookrunners for the IPO.

Proceeds from the IPO will be mainly used to further expand its real estate development footprint through a mix of commercial and residential projects in Aseana City.

DMWAI is the developer and primary owner of Aseana City, one of the largest and fastest growing mixed-use business districts in the Manila Bay Area.

In addition to its property development business, DMWAI is also one of a few AAAA construction companies in the Philippines which speaks of its stability and capacity to undertake large scale infrastructure and construction projects.

Based on the company’s financial statements, around 50 percent of its revenues are recurring from the leasing of office and commercial space and land rentals.

The firm is developing nine real estate projects over the next five years to expand its footprint and broaden its sources of recurring income.

DMWAI chief executive officer Delfin Angelo Wenceslao said the firm has three residential and six commercial developments in the pipeline.

May 27, 2018

PSE approves 15.5-B IPO of DM Wenceslao Assoc.

THE Philippine Stock Exchange (PSE) last Friday approved the P15.55-billion initial public offering (IPO) of construction and real-estate developer DM Wenceslao and Associates Inc., which could be the first for the year.

The company is set to be listed at the main board of the PSE by June 29 under the stock symbol DMW.

“The Exchange’s approval of the listing of the company’s shares is subject to its compliance with all of the post-approval conditions and requirements of the Exchange,” it said.

Price setting will be made on June 7, while the start of offer period will be on June 18 and will run for that entire week.

The company is selling a total of 679.17 million common shares with an over-allotment option of 101.87 at P22.90 per share.

Proceeds will be mainly used to further expand its real-estate development footprint through a mix of commercial and residential projects in Aseana City.

BPI Capital Corp. and Maybank ATR Kim Eng Capital Partners Inc. were chosen as the lead underwriters and bookrunners for the issuance.

The company owns 57 hectares of land in Metro Manila but most of it is in the 110-hectare Aseana City, one of the country’s largest and fastest-growing mixed-use business districts.

As of end-2017, the company completed more than 100 ports, bridges, expressways and other construction and infrastructure projects across the Philippines.

DM Wenceslao is a 53-year-old property developer and construction firm.

In November 2015 the company secured approval from the Securities and Exchange Commission for its initial public offering, and planned to raise as much as P17.5 billion, one of the biggest listing at the PSE. It then announced it would defer its IPO.

April 4, 2018

D.M. Wenceslao eyes gov’t infra projects

ublic listing aspirant D.M. Wenceslao & Associates Incorporated (DMWAI), an integrated construction and real estate developer, plans to diversify its business outside the 107-hectare flagship project Aseana City by bidding for government infrastructure projects under the “Build, Build, Build program.

“We are an ‘AAAA’ general contractor, one of less than 20 in the country, and are in a position to take advantage of the government’s massive infrastructure program, especially in our core areas of horizontal infrastructure and construction, foundation works and marine construction,” DMWAI chief executive officer Delfin Angelo Wenceslao said in a statement.

The company has completed more than 100 construction and infrastructure projects. It reclaimed the land where it is building Aseana City and the land that hosts Solaire of Bloomberry, West Side City of Travellers International Hotel Group and City of Dreams Manila of Belle and Melco groups.

Wenceslao did not disclose the projects he was considering. Within Aseana City, DMWAI has several projects in the pipeline, including the mall being put up by Ayala Land next to Solaire and City of Dreams Manila.
When DMWAI sells or leases land in Aseana, it negotiates to have the first right to build for the buyer or the lessee, or the right to match the lowest bid of contractors, he said.

“We also have our own projects in Aseana which, in the future, will be a central business district within the huge development encompassing the Entertainment City, Mall of Asia, the Senate and various other developments,” he said.
DMWAI had helped the government reclaim 2.04 million square meters in the Manila Bay area, paving the way for the rise of a new commercial business district.

The company currently owns some 568,000 square meters of reclaimed land for its flagship project at the 107-hectare Aseana City. Of these, about 292,000 sqm are yet to be allocated and still available for development. It also has 208,000 sqm of land in other parts of the country. DMWAI is pitching to investors its wide range of expertise—survey and planning, foundation works, engineering, and architectural and project management services—allowing the firm to provide its customers one-stop solutions.

DMWAI has three residential and six commercial developments under way in Aseana.
The company aims to pursue a P15.5-billion initial public offering (IPO) in the first semester, reviving a capital-raising initiative first hatched three years ago. It has filed a new prospectus at the Securities and Exchange Commission for the offering of up to 679.2 million shares, or about 20 percent of the company’s total issued shares, to the public.

The maximum price per share is P22.90, based on the prospectus. At least 70 percent of the shares will be offered to offshore investors. Subject to regulatory approval, controlling shareholder Wendel Holdings Co. has granted Maybank, in its role as stabilizing agent, the right to buy up to 101.87 million additional shares at the offer price.

March 15, 2018

Nine pipeline projects to expand D.M. Wenceslao’s real estate footprint

MANILA – Construction and real estate developer D.M. Wenceslao & Associates, Incorporated (DMWAI) has nine projects in its pipeline to expand its real estate footprint and broaden its sources of recurring income.

The company has three residential and six commercial developments under way. All will be completed within the next five years.

“We are also in a good position to avail of construction opportunities available in this golden age of infrastructure,” said Wenceslao. Around half of DMWAI’s revenues come from recurring sources, or from leasing office and commercial space and land rentals. It has doubled its net income from P872 million in 2015 to P1.56 billion in 2017.

DMWAI group owns 57 hectares of land in Metro Manila. Most of that is in the 110-hectare Aseana City, one of the country’s largest and fastest-growing mixed-use business districts.

DMWAI group has developed roughly half of the land holdings in Aseana City. The other half remains unallocated. Data from real estate consulting firm Colliers International show that property prices in the Manila Bay area now range from P150,000 to P250,000 per sq.m., growing by an average of 24 percent annually over the past 10 years. As of end-2017, DMWAI has completed more than 100 ports, bridges, expressways, and other construction and infrastructure projects across the Philippines.

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