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Elijah Felice Rosales - The Philippine Star
March 15, 2025 | 12:00am
Stock photo of a peso money bill.
Philstar.com / Jovannie Lambayan
MANILA, Philippines — Listed D.M. Wenceslao and Associates Inc. (DMW) relied on the competitive advantage of its flagship Aseana City to sustain growth last year, and aims to sustain momentum as interest rates decline.
Based on its financial report, DMW increased its core income by 10 percent to P1.8 billion in 2024 on the double-digit growth of its recurring and commercial earnings.
Recurring revenues, covering land, building and ancillary rentals, went up by 27 percent to P3.3 billion, while commercial building gains spiked by 45 percent to P1.4 billion.
DMW attributed the growth to the rising occupancy in Aseana City, its 107-hectare development close to Manila Bay.
By industry, DMW captured fresh agreements with logistics, shipping and manning companies, which are expanding quickly as trade picks up.
The property firm raised P385 million in residential revenues as MidPark Towers nears completion. MidPark is a four-tower residential project situated between mixed-use project Parqal and office building 8912 Asean Ave.
DMW maintains a net cash of P1.8 billion and a debt-to-equity ratio of 0.07 times, putting it in a position where it can make further expansion this year.
DMW CEO Delfin Angelo Wenceslao agrees that the property market in Metro Manila is dealing with issues right now, with experts ringing the alarm bells on residential oversupply.
However, Wenceslao said the company depended on the strategic competencies of Aseana City to add new occupants from across industries, allowing it to grow in the face of uncertainties.
Wenceslao said Aseana City has the prime location, transport network and mixed-use products to persuade businesses to locate in it.
Given this, Wenceslao is optimistic that DMW will carry on its success into 2025.
Further, the Bangko Sentral ng Pilipinas (BSP) is slashing borrowing rates that will encourage consumers to acquire loans and buy a house.
Wenceslao said this trend would support developers with their expansion plans this year.
The BSP brought down interest rates by 75 basis points in 2024, and is expected do another round of 50- to 75-basis-point reduction in 2025.
As of 2023, DMW manages 11 commercial properties – of which eight are in Aseana City – and two residential projects.
