By Louella D. Desiderio (The Philippine Star) | Updated November 13, 2014 - 12:00am
MANILA, Philippines - Aseana Holdings, Inc. will spend up to to P3-billion for new residential and commercial projects in Aseana City next year.
Aseana Holdings managing director Delfin “Buds” Wenceslao said in a briefing yesterday the 3 billion capital outlay would be spent for new residential and commercial projects as well as infrastructure in the 204-hectare Aseana City located along the shoreline of Manila Bay, extending to Roxas Boulevard within Parañaque.
Among the projects to be launched next year are the Aseana III building to cater to demand for office space and residential project PIXeL.
The firm is developing Aseana III amid strong demand for office space in the country particularly from the business process outsourcing (BPO) sector.
The 120-unit PIXeL, is targeted for expatriates with the units to be sold at a price range of P100,000 to P120,000 per square meter (sqm).
Apart from the two projects, Wenceslao said the company would also start the redevelopment of an existing property into a neighborhood retail center called Camp Aseana.
The firm is likewise undertaking another project, Aseana Square which involves putting up a gas station and space for lease to retail and food and beverage establishments.
The new projects to be undertaken next year are part of the company’s vision to make Aseana City a fully integrated city which would complement neighboring commercial areas Mall of Asia and Philippine Amusement and Gaming Corp.’s Entertainment City.
“We are looking at five to 10 years for Aseana City to be fully developed,” Wenceslao said.
The firm currently has a landbank of 40 to 50 hectares in Aseana City which it plans to develop by entering into joint ventures or sell.
With the property sector seen to continue to grow in the next five years due to the expanding BPO sector as well as tourism industry, Wenceslao said AseanaCity’s parent firm D.M. Wenceslao and Associates is considering listing on the Philippine Stock Exchange.
“We are studying and aiming to do it in two to three years,” he said.
He also said the group expects to realize P1 billion worth of recurring revenues annually in the next five years as developments are undertaken in Aseana City.