The Wenceslao family, behind the publicly listed DM Wenceslao & Associates Inc. (DMWAI), is widely recognised for its success in construction and real estate. However, what many don’t realise is that several members of the family are doctors by profession. Delfin Angelo “Buds” Wenceslao, now CEO of DMWAI, once considered following that path himself. Today, at 41, he leads the company founded by his grandfather in 1965. While leading any organisation comes with its challenges, guiding a legacy business over half a century old brings added pressure, balancing present-day performance with long-term sustainability.
Anchored in History
Founded in the early 1960s by Delfin M. Wenceslao as a modest engineering and construction enterprise, the company originally tackled horizontal projects across the Philippines. By 1989, under Buds’s father, Delfin J. Wenceslao Jr., the firm made its breakthrough with large-scale land reclamation, creating over 2.4 million square metres of new land on Manila Bay and firmly establishing its reputation. That reclamation paved the way for Aseana City, a sprawling 107-hectare master‑planned metropolis that today anchors much of Metro Manila’s urban growth.
Early Ambitions & Academic Foundations
Though many of his relatives studied medicine, Buds veered towards business. He completed his BA in Management Economics at Ateneo de Manila University in 2000, then earned a Master of Science in Real Estate Development from MIT in 2008. After MIT, Buds spent roughly two years with an international real‑estate advisory firm, gaining exposure before stepping into the family business in 2002 as the first employee in its real‑estate division.
The Strategic Shift
Initially tasked with leasing and selling reclaimed land at Aseana City, Buds soon led DMWAI’s first vertical commercial development around 2004–2006, handling everything from feasibility studies to planning, construction and leasing . This move elevated the company from a cyclical construction business to a high‑value real‑estate developer.
Under his leadership, the firm shifted from purely B2B contracts to serving individual residential and commercial customers directly. By expanding into complex mixed‑use projects such as Parqal and MidPark Towers, Buds and the team significantly diversified revenue streams, with around two‑thirds now derived from leasing and the remainder from property sales and construction contracts.
The CEO and Beyond
At just 41 years old, Buds assumed the role of CEO in 2016, becoming the youngest among his brothers to lead the enterprise. As Managing Director of Aseana Holdings Inc. as well, he has overseen the group’s expansion into multiple core entities. He is active outside the business as well-serving on the Filipinos in Institutional Real Estate (FIIRE) Executive Council, and previously holding leadership positions at the Urban Land Institute (Asia‑Pacific Chair, Global Governing Trustee 2020–2024).
Innovation in Action
Under Buds’s watch, the company developed Parqal, a five‑hectare mixed‑use neighbourhood conceived as a “15‑minute city”, combining office, retail, public space and walkable residential access. The project has won multiple awards including Best Mixed‑Use Development and various design accolades for sustainability and urban integration.Aseana City itself has become both a symbol and a playground of Buds’s vision: a modern, master‑planned community comprising commercial towers, residential blocks, civic amenities and high occupancy rates across assets.
Leading with Purpose
Buds credits much of his leadership approach to the example set by his father, who gave space for autonomy: “He never micromanaged me … we were lucky … allowed us to be entrepreneurs inside his company”. This translated into a leadership style that combines strategic focus with deep respect for executional detail.
He acknowledges the inevitability of mistakes in construction and real estate cycles: “The key is to ensure that the mistakes are small and to avoid making the same mistakes”. A meritocratic culture matters: regardless of surname, talent and alignment with the owner‑mindsets take precedence in team building. He implemented a ‘family constitution’ in 2014 setting the governance and participation rules for future generations in the business.
He emphasises longevity through relationship-building, fair partnership, and long-term vision, a quality he extends to clients, contractors, suppliers and personal life.
Navigating Challenges & Seizing Opportunity
During the COVID‑19 pandemic, DMWAI’s resilience lay in its high recurring revenues, diversified tenant base and prime coastal assets. As confidence faltered across industries, Buds maintained that a master‑planned approach offered safety and resilience, and reported only a minor dip in net profit in 2020 compared to 2019 (P2.13 billion vs P2.374 billion).
Looking forward, he believes that “the alpha is in development”: with decades of prime land still undeveloped, and a construction heritage that gives them execution excellence in planning, design, and project management across complex scopes, DMWAI is poised to challenge larger national players.
Beyond Land, Building Impact
Today, Buds sees the firm as stewarding not just land but entire urban ecosystems. He envisions developments that integrate green spaces, climate‑aware design, pedestrian orientation and community‑focused living, enhancing both investor returns and people’s quality of life.
With decades of land still to develop, strong governance mechanisms, and a team built on merit rather than bloodline, Buds is guiding the next phase of DMWAI, a future where each tower, each public square, and each lease reflects a thoughtful, long‑term legacy.
Quotes
“Transforming the culture of a family business takes time, effort, and determination. There may be a lot of disagreements about the path, but everyone should agree on the direction and goals or targets of the business.”
“Find good people to work with. You can’t do everything! And invest in long-term relationships. Good partners are hard to find so when you find the right client, supplier, contractor, consultant, friends, and wife, treat them fairly.”
