DMW's nine-month profit reaches P1.25B on steady rentals

Insider Spotlight

• Recurring revenues reach P2.5 billion, or 93 percent of total
• Office tenants defer leasing decisions amid market uncertainty
• Low debt supports a measured approach to property development
  
  
  
  

D.M. Wenceslao and Associates Inc. (DMW) reported a net income of P1.25 billion in the first nine months of 2026, supported by recurring rental revenues from its Aseana City properties as the developer navigates changing demand across the office, residential and retail markets.

Rental income remains the backbone of DMW's business, providing a recurring revenue stream as the company adjusts its development strategy to prevailing property market conditions.

By the numbers

Recurring revenues from land, commercial buildings and ancillary leasing reached P2.5 billion, accounting for 93 percent of total revenues during the period.

Sales from Midpark Towers, DMW's second residential development, amounted to P162.2 million.

The company is concentrating on selling units at the condominium project, which received two distinctions at the 14th PropertyGuru Philippines Property Awards in August.

Delfin Angelo “Buds” C. Wenceslao

 CEO, DMW 

Market shifts

DMW identified deferred leasing decisions among office tenants as one of the challenges facing the property market.

The developer is maintaining available office space to accommodate potential anchor tenants while offering its AXS co-working facility to businesses seeking more flexible workspace arrangements.

In the residential segment, DMW is prioritizing the sale of existing inventory while assessing the needs of prospective residents in Aseana City.

Meanwhile, its Parqal retail development is hosting community events and wellness activities as the retail market increasingly emphasizes experiences alongside shopping. These initiatives were outlined in the company's earnings release.

Financial cushion

DMW reported a debt-to-equity ratio of 0.06 times and a current ratio of 3.5 times.

The company is maintaining a cautious approach to spending and cash management as it evaluates opportunities for further development.

What they're saying

“In Aseana City we continue to foster a truly integrated ecosystem. Together with strong capital management and a focused development path, DMW strives to provide the community with new developments and projects to fit demand despite the current market conditions,” DMW chief finance officer Benigno A. Tatunay said.

The bottom line 

DMW is focusing on recurring rental income, existing residential inventory and flexible commercial offerings while keeping its balance sheet positioned for future development. — Princess Daisy C. Ominga | Ed: Corrie S. Narisma