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Real estate developer D.M. Wenceslao and Associates, Inc. (DMW) posted a 10 percent growth in core net income to ₱1.8 billion last year on the back of its strong leasing momentum.
In a disclosure to the Philippine Stock Exchange, the firm said its recurring revenues, encompassing land, building, and ancillary rentals, rose 27 percent to ₱3.3 billion, representing 89 percent of total revenues.
Commercial building revenues jumped 45 percent to ₱1.4 billion, reflecting a significant improvement in occupancy as DMW continues to capture a leading share of office lease agreements from the fast-growing logistics, shipping, and manning sectors.
Residential revenues fell 70 percent to ₱385 million last year from ₱1.3 billion in 2023 as its MidPark Towers project nears completion.
“While the broader Metro Manila office market still faces headwinds, we have leveraged Aseana City’s strategic advantages – including its prime location, public transport connectivity, diverse mixed-use products, and world-class amenities – to attract business occupiers from all industries, driving significant growth,” said DMW Chief Executive Officer Delfin Angelo Wenceslao.
He added, “This success reinforces our confidence and optimism as we advance our new development pipeline in 2025.”
“The macroeconomic backdrop is also becoming increasingly supportive for the real estate sector, underscored by a total of 75 bps rate cuts implemented by the BSP in 2024 and the expectation of an additional 50 to 75 bps in reductions this year, which in turn bolsters the overall property market,” Wenceslao noted.
