Real estate and construction firm D.M. Wenceslao and Associates, Inc. (DMW) reported that its first-half net income inched up 2 percent to P936 million, driven by growth in its rental businesses.
Recurring revenues from land rentals, commercial buildings, and other leasing sources increased 9 percent year-over-year to P1.7 billion, accounting for 90 percent of total revenues.
Commercial building and ancillary rental revenues rose 17 percent to P1 billion, fueled by strong lease take-up and higher sales-based collections from top-performing food and beverage, retail, and wellness tenants at its Parqal development.
To meet the continued strong demand for commercial spaces, DMW broke ground on the first phase of Aseana Plaza last May. Phase one will offer approximately 70,000 square meters of gross leasable area (GLA), out of a total of 130,000 square meters of GLA. The four-tower development will be key to the continued expansion of DMW’s commercial leasing segment in the coming years.
Meanwhile, residential revenues reached P178 million , a 24 percent drop from the same period a year ago. The decrease was primarily due to a lower incremental percentage of completion for its Midpark development in 2025 compared to the same period in 2024.
