DM Wenceslao

DMWAI unit gets go signal for residential project

ASEANA CITY is the flagship project of D.M. Wenceslao & Associates, Inc.
D.M. Wenceslao & Associates, Inc. (DMWAI) on Thursday said its subsidiary has received from the government a license to sell units at its new residential project in Aseana City.

In a disclosure to the stock exchange, property developer said the Housing and Land Use Regulatory Board (HLURB) issued the license allowing Aseana Residential Holdings Corp. to sell MidPark Towers.

“We are excited for this project to move forward full speed into the next stage of the development process,” Delfin Angelo C. Wenceslao, chief executive officer of DMWAI, was quoted as saying.

MidPark Towers is a four-tower residential project within DMWAI’s flagship project Aseana City, located in the Manila Bay area. It will have a total saleable floor area of 42,000 square meters (sq.m.) and a leasable floor area of 2,000 sq.m.

“MidPark Towers creates long-term opportunities for DMW to showcase its residential offerings to the emerging vibrant commercial district in the Manila Bay area. The existing residential stock in the area is limited to the current mass of smaller studios and compact one-bedroom options. To widen such housing choices, we designed MidPark Towers with balanced unit mix and sizes. We focused on larger format units to serve a market that is deeply underserved,” Mr. Wenceslao added.

MidPark Towers is DMWAI’s second residential project in Aseana City after Pixel Residences.

The property developer earlier this year said it is spending P12 billion to develop the mixed-use business district Aseana City in the next five years. 

Pls don't follow me....I'm lost too! hehe

...earnings report...down

DMWAI income falls 31% in July-Sept.

EARNINGS of D.M. Wenceslao & Associates, Inc. (DMWAI) was pulled down by lower land sales for the three months ending September.

In a regulatory filing, DMWAI reported its attributable profit dropped by 31% to P524.73 million in the July to September period. This followed a 41% decline in revenues to P583 million.

The company managed to deliver a 4% attributable profit increase to P1.49 billion in the nine months ending September, despite revenues slumping by a third to P1.78 billion.

DMWAI attributed the lower revenues to the absence of land sales, which is part of its long-term strategy to control land sales as the value of Aseana City increases. Aseana City is the company’s flagship mixed use development in Parañaque City.

“With the fast-rising land values in Aseana City, we have determined prudent and appropriate strategies to strengthen our foundation for future growth. These include the planned land sale in 2019 and the increased leasable gross floor areas of our pipeline projects,” DMWAI Chief Executive Officer Delfin Angelo C. Wenceslao said in a statement.

Despite the lower performance this quarter, Mr. Wenceslao said they are still on track to generate double-digit net income growth for full year 2018.

DMWAI’s total leasable gross floor area added to almost 90,000 sq.m. of leased land area reached 155,148 sq.m., while land reserves in Aseana City stood at 313,415 sq.m.

Pls don't follow me....I'm lost too! hehe

Forum Jump:

Users browsing this thread: 1 Guest(s)