D.M. Wenceslao and Associates Inc. (DMW) reported a first-half 2025 net income of P936 million, reflecting steady growth across its rental-driven portfolio.
Recurring revenues—comprising rentals from land, commercial buildings, and ancillary leasing—rose 9 percent year-on-year to P1.7 billion, accounting for 90 percent of total revenues. The uplift was powered by a 17 percent increasein commercial and ancillary rental income, reaching P1.0 billion. This was attributed to robust lease take-up and strong percentage-of-sales contributions from high-performing tenants at Parqal, including F&B, retail, and wellness brands.
Riding this momentum, DMW broke ground on Aseana Plaza Phase 1 in May, which will add approximately 70,000 square meters of gross leasable area. The four-tower development, with a total planned 130,000 square meters of GLA, will anchor the future expansion of DMW’s commercial leasing footprint.
Residential revenues totaled P178 million, as Midpark Towers moved closer to full completion. Two of the four towers have been finished, with the remaining two slated for completion in the second half of 2025. Unit handovers are ongoing, ushering in a new residential community in Aseana City.
DMW also maintained a low debt-to-equity ratio of 0.09x and remains in a net cash position, ensuring strong financial flexibility to execute its pipeline and pursue new strategic opportunities.
“By focusing on building a community rather than standalone structures, we’ve created a stable platform that delivers long-term value,” said Chief Finance Officer Benigno A. Tatunay.
