MANILA -- DM Wenceslao and Associates, the developer of Aseana City, more than tripled its 2023 net income, the company said in a statement.

The firm said its profit reached P7.3 billion, from P2.1 billion in 2022, because of robust leasing, stable residential growth, and a one-time gain of P5.6 billion from the consolidation of a joint venture entity, disclosed in December 2023.

DM Wenceslao said leasing revenues--consisting of rentals from land, building, parking and other fees-- rose by 19 percent to P2.6 billion. The company said this was driven by strong take-up across the portfolio and the successful launch of Parqal in September 2023. 

Residential revenues, meanwhile, increased by 8 percent to P1.4 billion, driven by consistent construction progress and incremental units qualifying for revenue recognition.

DM Wenceslao says new project will boost recurring income

DM Wenceslao president and chief executive officer Delfin Angelo “Buds” C. Wenceslao said the company expects to grow further in 2024 amid robust economic growth, increasing demand for commercial spaces, and increasing mobility.

“Our flagship mixed-use project Parqal, which opened in September 2023, benefits from rapidly rising foot traffic and strong take-up from quality locators,” he said.