The DMWAI says it has submitted to the Philippine Reclamation Authority (PRA) new proposals to reclaimation lands for the Sangley International Airport. (SMNI)

D.M. Wenceslao & Associates Inc. (DMWAI) on Thursday said it has submitted to the Philippine Reclamation Authority (PRA) new proposals to reclaim 400 hectares (ha) of land in Paranaque City and another 355 ha in Cavite for the Sangley International Airport.

The listed integrated property developer said the project in Paranaque will add 400 ha of land in front of Aseana City and Entertainment City. DMWAI is the master developer and owner of the 107.5-ha Aseana City situated along Manila Bay.

The proposal entails two reclamation areas where DMWAI said the government is seen to receive 200 ha at no cost. It said it will serve as an extension of previous agreements between the government and DMWAI where the company was given rights on the frontage of its completed reclamation project.

“We look forward to continuing our work with the government to strengthen the country’s development activities,” DMWAI chairman Delfin J. Wenceslao, Jr. was quoted as saying.

Meanwhile, the project in Cavite, which calls for the reclamation of about 355 ha of offshore island in Sangley, is intended for the development of the Sangley International Airport. In total, the Sangley airport is expected to require the reclamation of about 1,500 ha of land.

The proposal is being reviewed by the Office of the President, the Department of Transportation and the Department of Finance.

“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 (sq.m.) of land across the Philippines. We are pleased to draw on that experience to successfully deliver and safely execute these projects,” Wenceslao added.

According to DMWAI, it will not source the funding for the projects from the P8.1 billion in proceeds it raised from its initial public offering in 2018.

DMWAI registered 11 percent higher net income attributable to equity holders in the first nine months of 2018, to P1.65 billion from P1.49 billion in the same period in 2018 as its revenues accelerate at a double-digit rate.