D.M. Wenceslao and Associates Inc. (DMW) has started construction on the first phase of Aseana Plaza, its largest commercial project in Aseana City.
Aseana Plaza Phase 1 will offer about 70,000 square meters of gross leasable area (GLA), the company said Tuesday in a disclosure to the stock exchange.
The entire project is expected to provide around 130,000 square meters of GLA.
Once Phase 1 is completed, DMW’s commercial portfolio will grow to more than 300,000 square meters of GLA.
The company did not provide planned capital spending. However, it said the bulk of this year’s P3 billion capital expenditures will be used to fund the construction of Aseana Plaza Phase 1.
The development will offer modern office space for logistics and shipping companies, BPO firms and corporate offices.
DMW hopes to attract companies looking for a modern workspace in an integrated urban area.
The complex will include a central al fresco plaza and will connect to the nearby Parqal greenway. It will also be linked to a future skywalk system to improve walkability in Aseana City.
“We have always envisioned Aseana City as more than just a business district — it’s a community where work, leisure, and daily life intersect,” said Delfin Angelo Wenceslao, DMW chief executive.
“Breaking ground on Aseana Plaza is a major step toward realizing that vision, creating a destination where global industry players and local communities converge.”
DMW reported a 4.8 percent increase in net income for the first quarter of the year to P551 million. The growth was driven by a 31 percent rise in leasing revenue to P790 million.
Commercial building revenues jumped 27 percent to P406 million due to improved occupancy across DMW’s commercial portfolio, while residential revenues rose 13 percent to P167 million.
“In Aseana City, we see that demand rises to meet well-conceived supply, validating our approach of building not just structures but vibrant communities. As we move forward with our development pipeline, we remain confident in sustaining our momentum and delivering long-term value to our stakeholders,” Wenceslao said.
