DM Wenceslao Breaks Ground for Largest Project to Date
DMW sees Aseana Plaza as a major step in creating a fully-integrated community, and is banking on the continued demand for smart buildings to support its venture.
DM Wenceslao and Associates (DMWAI) has broken ground for the first phase of Aseana Plaza, its premiere office development in Aseana City, which will be the company’s largest commercial project to date.
Aseana Plaza Phase I will offer approximately 70,000 of gross leasable area (GLA), out of approximately 300,000 GLA for the entire project. The project, which targets completion in three years, intends to cater to a diverse range of tenants, including global logistics and shipping firms, business process outsourcing (BPO) companies, and traditional corporate headquarters. The company says it aims to capitalize on demand from companies seeking modern work environments within an integrated urban community.
“We have always envisioned Aseana City as more than just a business district—it’s a community where work, leisure, and daily life intersect,” said Chief Executive Officer Delfin Angelo “Buds” Wenceslao. “Breaking ground on Aseana Plaza is a major step toward realizing that vision, creating a destination where global industry players and local communities converge,” Mr. Wenceslao added.
Once completed, the development will include a central open-air plaza that will link to the nearby Parqal greenway.
It will also connect to an upcoming skywalk system, which will enhance walkability and connectivity within Aseana City—a 107-hectare mixed use reclaimed land development in Manila Bay.
First Quarter Results
For the first quarter, DMW’s income inched 2% higher to Php 562 million, from Php 551 million a year ago, on the back of the positive performance of its commercial leasing segment.
Its recurring revenues consisting of rentals from land, commercial buildings, and other leasing income increased by 14% to Php 899 million, representing 84% of the quarter’s total revenues.
In a disclosure to the Philippine Stock Exchange, the company shared that its commercial building revenues rose by 27% to Php 406 million, thanks to improved occupancy rates across its commercial portfolio.
Residential revenues increased by 13% to Php 167 million, as its residential project, MidPark Towers, moves toward full turn-over.
MidPark Towers is a high-end residential estate consisting of four towers in Aseana City. Its completion is expected to introduce a new community of residents who are expected to increase foot traffic and patronage of the estate’s commercial establishments.
About DM Wenceslao & Associates
D.M. Wenceslao & Associates, Incorporated was incorporated and registered with the Securities and Exchange Commission on April 7, 1965 as an integrated property developer with land reclamation, construction and real estate development capabilities. The Company has three business segments namely, rentals, construction and sale of land and condominium units.
DMWAI is the master developer of Aseana City, a development project on reclaimed land situated close to PAGCOR’s Entertainment City and SM Mall of Asia. As of December 31, 2023, the Company has 11 developed properties, eight of which are located in Aseana City, and two residential projects.
The Company’s subsidiaries include Aseana Residential Holdings Corp.; Aseana Holdings, Inc.; Aseana City Transport & Travel Corp.; Bay Area Holdings, Inc.; and Fabricom, Inc.
