MANILA – Property firm DM Wenceslao said Thursday it was planning a foray into co-living spaces such as dormitories, seeking to tap traffic-weary office workers who are looking for affordable options.
The co-living development, which is in the "planning stages," could be launched in the next couple of years, DM Wenceslao CEO Buds Wenceslao told ANC's Early Edition.
"Everyday in Metro Manila we see people wanting to live where they work. Affordability is major issue in major CBD’s (central business districts), so dorms, I think provides some relief to that aspect. Traffic is everywhere so we want to cut our travel time shorter," he said.
DM Wenceslao set aside P20 billion for a 5-hectare mixed-used development in the Bay Area in the next 5 years. The development will add 380,000 square meters of gross floor area to its portfolio, he said. Seventy five percent will be for rental properties.