D.M. Wenceslao and Associates Inc. reported a 13 percent improvement in net income to P1.3 billion for the first nine months of 2023, from the ex-land sale net income of P1.1 billion in the same period last year, fueled by robust leasing operations. 

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its leasing revenues consisting of rentals from land, building, and other revenues including CUSA (common use service area) and parking fees grew 15 percent to P1.8 billion, constituting 65 percent of total revenues. 

The growth was driven by strong take up in existing commercial buildings and bolstered by the successful opening of Parqal towards the end of September.

Located in Aseana City, Parqal spans over 73,000sqms GLA and sits on five hectares of land stretching from Diokno Avenue to Macapagal Boulevard. The opening of Parqal increased DMW’s total building leasing space by 45 percent to 235,846 sqms.

Residential revenues improved to P827 million on the back of continued construction progress.

“We’ve seen a significant upswing in leasing activities during the period. It is noteworthy that the rental earnings jump in our nine-month 2023 period does not yet fully reflect the upside from our mixed-use flagship project Parqal, which only opened in late September,” said DMWAI Chief Executive Officer Delfin Angelo Wenceslao.

He added that, “as we look ahead, our outlook is optimistic, with leasing activities on the rise. Additionally, we anticipate a sustained ramp-up in foot-traffic as scheduled major store openings at Parqal unfold.”