D.M. Wenceslao and Associates Inc. confirmed a July 6 article in BusinessWorld that highlighted its intention to invest 12 billion Philippine pesos over the next five years into the development of its mixed-use estate in Pasay City, Philippines.

The Filipino integrated property developer clarified that it will be working on projects across 352,890 square meters of leasable/saleable floor area in the 204-hectare Aseana City business district.

About 11 billion pesos will be spent on its projects by 2020, with capital expenditures worth 3.1 billion pesos allocated in 2018, 3.5 billion pesos in 2019 and 4.3 billion pesos in 2020. The balance from the total 12 billion pesos will be utilized between 2021 and 2022.

D.M. Wenceslao also acknowledged that Aseana City constitutes a 73% portion of its current land bank. According to the media report, the company still has no plans of developing its other sites in Cavite, Quezon City and Makati.

As of July 5, US$1 was equivalent to 53.42 Philippine pesos.