D.M. Wenceslao and Associates, Inc.’s (DMW) attributable net income inched up two percent to ₱936 million in the first half of 2025 from ₱918 million in the same period last year, reflecting sustained growth in its rental businesses.

In a disclosure to the Philippine Stock Exchange, the firm said gross revenues improved 3.7 percent to ₱1.96 billion from ₱1.89 billion in the first semester of 2024.

Recurring revenues comprising rentals from land, commercial buildings, and other ancillary leasing sources increased nine percent year-on-year to ₱1.7 billion, representing 90 percent of total revenues.

Commercial building and ancillary rental revenues grew 17 percent to ₱1 billion, driven by a consistently strong lease take-up and higher percentage-of-sales collections from top-performing food and beverage, retail, and wellness tenants at Parqal mall.

Riding a sustained leasing momentum, DMW broke ground on the first phase of Aseana Plaza in May 2025. Phase 1 will offer approximately 70,000 sqm of gross leasable area (GLA), out of the 130,000 sqm GLA total.

The four-tower development will anchor the continued expansion of DMW’s commercial leasing segment in the years ahead.

Residential revenues reached ₱178 million as Midpark Towers moved closer to full completion. Two of the four towers have already been finished, with the remaining two scheduled for completion in the second half of the year.

“By focusing on building a community rather than standalone structures, we have created a stable platform that can weather industry cycles and deliver consistent value to our stakeholders,” said DMW Chief Finance Officer Benigno A. Tatunay.