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Friday, March 29, 2024

D.M. Wenceslao acquires property in Makati

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Property developer D.M. Wenceslao and Associates Inc. said Tuesday it acquired a property in Legaspi Village, Makati City that will be redeveloped into a residential project.

DMWAI said in a statement residential development subsidiary Aseana Residential Holdings Corp. bought a 1,600-square-meter building in Legazpi Village.

DMWAI chief executive Delfin Angelo Wenceslao said the acquisition would allow the company to diversify its investment portfolio.

“This has been a challenging year for the real estate sector with the impact of the pandemic. However, we remain optimistic in the market fundamentals and the prime location of the neighborhood,” Wenceslao said.

“We believe that this property allows the company to expand and diversify our investment portfolio and development pipeline. While Aseana City remains our flagship project, we will continue to seek opportunities in prime locations even in this current environment,” said DMW chief executive Buds Wenceslao.

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DMWAI said Legazpi Village, a walkable neighborhood in the Makati central business district, is an attractive location for a residential project because it is a haven for young professionals and families with its offering of new retail concepts, restaurants and relaxing retreats of parks and open spaces.

DMWAI reported a net income of P716.5 million in the first half, down 36 percent from P1.12 billion in the same period last year because of the P600 million one-off gain recognized in 2019 as part of other income.

First-half revenues went up by 23 percent to P1.55 billion, on strong contribution from the residential segment.

The share price of DMWAI closed lower by P0.040 per share on Tuesday to P5.25.

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