D.M. Wenceslao and Associates, Inc. posted an eight percent increase in net income year-on-year to P1.4 billion in the first nine months of 2024, with its leasing operations driving growth.
In a disclosure to the Philippine Stock Exchange, the firm said recurring revenues, encompassing land, building, and ancillary rentals, rose 33 percent to P2.4 billion, making up 89 percent of total revenues.
Commercial building revenues jumped 52 percent to P1.1 billion driven by strong demand from logistics and traditional occupiers, which continue to account for the majority of office take-up.
The higher occupancy and tenant sales of retail and food and beverage segments in its flagship Parqal mixed-use development further accelerated growth.
Residential revenues stood at P274 million as MidPark nears completion.
“The Philippine real estate sector is on an upward trajectory, supported by stable inflation and declining interest rates,” said DMWAI Chief Executive Officer Delfin Angelo Wenceslao.
He added that, “In Parqal, we’re witnessing firsthand the impact of these macroeconomic tailwinds, with customer spending and foot traffic at year-high levels.”
“In a few days, the LRT-1 Cavite Extension Phase 1—including the new Redemptorist-Aseana station—will officially begin operations.
“This big-ticket infrastructure project will provide seamless access to Aseana City for up to 600,000 passengers daily, connecting an estimated 8 million residents across cities traversed by LRT Line 1. This significantly broadens Aseana City’s labor market reach and consumer base,” Wenceslao said.
He also noted that, “Our robust leasing operations, economic tailwinds, and big-ticket infrastructure completions set an optimistic tone for 2025, as we prepare to launch our next commercial and residential developments.”