DM Wenceslao's MidPark Towers gains P4.3 billion in pre-selling
MANILA, Philippines – In a matter of months, the MidPark Towers project of listed property developer and construction firm DM Wenceslao and Associates, Incorporated (DMWAI) already earned P4.3 billion in pre-sales.
In a disclosure to the Philippine Stock Exchange on Thursday, June 6, DMWAI said that its subsidiary Aseana Residential Holdings Corporation, which handles the project, already sold 278 units out of the 309 that were launched in November 2018.
DMWAI chief executive officer Delfin Angelo Wenceslao said that the pre-sales, which had an average transaction price of P250,500 per square meter (sqm), had exceeded their expectations.
"This reflects strong demand for quality homes and real estate investment opportunities among Filipinos and foreigners," he added. (READ: Sustained demand in real estate seen for 2019 – JLL)
Located within the Aseana City development in Parañaque City, the 4-tower MidPark Towers only broke ground last April.
Following strong demand for the first two towers, some 204 units in the third tower will be available for purchase in June.
Base prices for the units in the third tower start at P10.8 million, or P275,000 per sqm for 40-sqm studio units. This is more expensive compared to the first two towers which had units costing P220,000 per sqm.
Overall, DMWAI said it expects to generate P9 billion from MidPark Towers, its second condominium project. The company's foray into condominium projects began with Pixel Residences.
DMWAI has been highlighting MidPark Towers' "strategic location" due to its proximity to the Ninoy Aquino International Airport, Parañaque Integrated Terminal Exchange, and the Aseana Station, part of the planned extension of the Light Rail Transit Line 1.
The property is expected to be completed by 2023.
"By then, Aseana City will feature new landmarks, even more recreational and entertainment venues, vibrant public spaces, and well-developed transportation links," Wenceslao said. – Rappler.com