D.M. Wenceslao proposes new reclamation projects
D.M. Wenceslao and Associates, Inc. (DMW) is eyeing new reclamation projects in Parañaque City and Cavite.
The listed property and construction company said in a statement Thursday it has submitted two proposals to the Philippine Reclamation Authority (PRA) for the reclamation projects.
In Parañaque City, DMW plans to reclaim a 400-hectare land in front of its flagship project Aseana City and Philippine Amusement and Gaming Corp.’s (PAGCOR) Entertainment City to expand its previous agreements with the government. The new proposal involves giving the government a total of 200 hectares in the reclamation sites for free.
In the Cavite proposal, DMW is seeking to reclaim 335 hectares of offshore island at the old US naval facility in Sangley. It said this plan is in anticipation of the international airport eyed by the local government to be built there. It noted this is also being reviewed by the Office of the President, Department of Transportation and Department of Finance.
“We look forward to continuing our work with the government to strengthen the country’s development activities,” DMW Chairman Delfin J. Wenceslao, Jr. said in the statement.
Specific to the Parañaque City proposal, Mr. Wenceslao said the reclamation project is “in line with (the company’s) thrust to contribute to nation-building,” referring to the developments that currently stand on DMW’s reclamation projects in the city.
DMW has so far reclaimed more than 2.4 million square meters of land since 1965. It is the master developer and primary owner of the 107.5-hectare Aseana City located along Manila Bay’s coastal waters.
“We look forward to demonstrate once again our expertise in land reclamation. Over the last 50 years, we have reclaimed more than 2,400,000 square meters of land across the Philippines. We are pleased to draw on that experience to successfully deliver and safely execute these projects,” he added.
DMW, which raised P8.15 billion when it went public last year, said the two new reclamation proposals will not tap proceeds from its initial public offering.
Shares in DMW dipped 10 centavos or by 1.01% to P9.80 each on Thursday.