DM Wenceslao to break ground on Aseana City co-living project by Q1

LISTED DEVELOPER D.M. Wenceslao and Associates, Inc. (DMW) is set to break ground on a 224-room co-living development within its 107.5-hectare Aseana City estate by the first quarter (Q1) of next year, buoyed by rising foot traffic across the mixed-use district, its top official said.

“We’re breaking ground on a co-living site here called Modaio Flats. That’s slated for first quarter of next year,” DMW Chief Executive Officer Delfin Angelo “Buds” C. Wenceslao told BusinessWorld on the sidelines of an event on Friday.

The eight-storey Modaio Flats — a name derived from the words modern and dayo — will rise on a 1,193-square-meter (sq.m.) lot within Aseana City in Parañaque. The project will offer an estimated 896 beds.

The development targets young professionals, students, and urban workers, Mr. Wenceslao said.

“As you know, there’s a big logistics anchor in this area, there’s a lot of shipping and manning companies. So, that’s more or less the people we’re targeting to further concretize the ‘live-work-play’ concept,” he added.

Aseana City, DMW’s flagship mixed-use estate, follows the company’s 15-minute city model with integrated residential, retail, and office components.

Notable developments in the estate include Pixel Residences, the Parqal mall, its flexible workspace hub AXS Aseana Plaza, and the upcoming De La Salle–College of Saint Benilde campus.

Earlier this year, the company also broke ground on Aseana Plaza, its largest office project to date, with a total planned gross leasable area (GLA) of 130,000 sq.m. The first phase of the two-tower complex will cover about 70,000 sq.m. Once completed, DMW’s commercial portfolio will exceed 300,000 sq.m. of GLA.

At present, the company has 250,000 sq.m. of gross floor area across its Metro Manila properties and maintains around 80% occupancy across its office portfolio, Mr. Wenceslao said.

“We’re still busy leasing out our remaining spaces in our buildings… So, we have about a year left of supply for office,” he noted.

“We’re projecting to finish our office buildings within the next two and a half, three years, which will be right in time when we reach a stable occupancy for our rental properties,” he added.

DMW’s nine-month net income stood at P1.4 billion, supported by stable leasing activity and a recovery in its residential business.

On Monday, shares of DMW closed at P5.12 each, down 16 centavos or 3.03%. — Beatriz Marie D. Cruz