MANILA, Philippines – Property developer DM Wenceslao and Associates (DMW) and St Luke’s Medical Center are entering into a 50-year lease agreement for a 13,896-square meter (sqm) land in Aseana City in Parañaque City.

The hospital to be built on the DMW property would be St Luke’s flagship facility in the Manila Bay area.

St Luke’s currently has two hospitals in Quezon City and one in Taguig City. All 3 hospitals have a total of 2.7 million outpatient consultations annually.

“Aseana City not only offers the right location to capture the robust health care growth in the country and Southeast Asia, it also takes a holistic approach throughout its master plan, while setting standards for sustainability,” said Arturo de la Peña, president and chief executive officer (CEO) of St Luke’s, in a statement on Tuesday, February 18.

“With access to all terminals of the Ninoy Aquino International Airport and the rapidly growing population centers south of Metro Manila, this new facility will be at the forefront of convenience to patients and health practitioners alike,” he added.

The new lease expands DMW’s leaseable portfolio to 261,888 sqm, of which 171,974 sqm is the total leased land area and 89,914 sqm is the total leaseable floor area.

“DMW’s success has always been based on anticipating the needs of our customers and providing them the solutions they require to make long-term investments to grow their business,” said Delfin Angelo Wenceslao, CEO of DMW.

DMW’s shares traded flat on Tuesday at P9.18 apiece.

The company reported a net income of P1.1 billion in the 1st half of 2019, 7% higher year-on-year. – Rappler.com