D.M. Wenceslao and Associates Inc., a listed real estate developer, said core net income last year rose 10 percent to P1.8 billion, building on its strong leasing momentum.
Recurring revenue, encompassing land, building, and ancillary rentals surged 27 percent to P3.3 billion, representing 89 percent of total. Commercial building revenue surged 45 percent to P1.4 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 sector.
Residential revenue reached P385 million as MidPark 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. This success reinforces our confidence and optimism as we advance our new development pipeline in 2025,” said Delfin Angelo Wenceslao, DMW chief executive officer.
He said the improving economic situation also bodes well from DMW moving forward. “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 (Bangko Sentral ng Pilipinas) 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 said.
