DRIVEN by the demand in the Bay area, D.M. Wenceslao & Associates Inc. is shelling out P1.3 billion its first residential project, a company official said.
D.M. Wenceslao Chief Executive Office Delfin Wenceslao told reporters that the company will launch its project in the 60-hectare Aseana City this month.
“That’s supposed to start construction first or second quarter of next year,” Wenceslao said.
The owner of Aseana City noted the there is strong demand for residential units.
“A lot of locators were asking for residential options within the area,” Wenceslao said.
Around 20 percent of the master planned Aseana City has been developed.
“From our 60 hectare land bank, roughly . . . 13 hectares have been leased and developed by us. Roughly three hectares is for right of way. We have five hectares devoted to our five-year pipeline, so there’s about a remaining 30 hectares left,” Wenceslao said.
He noted that Aseana City is “substantially undeveloped,” with a number of projects still under construction.
Wenceslao said it would take 10 more years to complete the master planned development.
The firm may spend around P25 billion for the 10-year development, with P2.5 billion this year alone.