D.M. Wenceslao & Associates Inc. through a unit signed a 10-year lease agreement with a Nissan car dealership within Aseana City in Parañaque City.
DMWAI said in a disclosure to the stock exchange Monday that 50-percent owned subsidiary Bay Resources and Development Corp. informed it that a Nissan car dealership was rising on a 2,500-square meter property along BRADCO Avenue and within steps of Aseana Powerstation Building.
“We are excited to welcome Nissan to Aseana City and give its customers an opportunity to interact with the brand,” said DMWAI chief executive officer Delfin Angelo Wenceslao.
“Our goal is to help Nissan realize its strategy by making Aseana City’s modern and lively environment, global infrastructure standards and strategic location a seamless part of their distribution network,” he added.
The planned car dealership will start commercial operations by 2021. The lease period covers 10 years with an option to extend the lease for five years.
Wenceslao said the lease agreement would provide the company with an additional source of revenue.
“We carry out an interim land use strategy with respect to certain land areas not slated for development in the next five to 10 years. We intend to make such land available for lease for a variety of purposes. We believe such a strategy will help increase the brand awareness of Aseana City, and also add another income source to our group” Wenceslao said.
Other car dealerships within Aseana City are Ford, Honda, and Subaru.
DMWAI posted a 17-percent increase in first-half net income to P1.12 billion from P958 million year-on-year.
First-half consolidated revenues expanded 17 percent to P1.26 billion, fueled by strong contribution from the residential segment.
It said P983.4 million or 78 percent of the revenues were recurring income, including rentals from land, building and other revenues such as common use service area fees.
Sale of residential condominium units rose six times to P266.7 million.
DMWAI is master developer and primary owner of Aseana City, a development project with a total land area of 107.5 hectares located along the coastal waters of Manila Bay.
