D.M. WENCESLAO & Associates, Inc. (DMWAI) sold P1.2 billion worth of residential units from MidPark Towers on Tuesday, driven by the demand for more residential spaces in the Bay Area.
The listed property and construction firm unveiled its second residential project, which is being undertaken by wholly-owned subsidiary Aseana Residential Holdings Corp.
“The successful reception of the MidPark Towers is a demonstration of our customers’ growing confidence in our ability to deliver quality residential products,” DMWAI Chief Executive Officer Delfin Angelo C. Wenceslao said in a statement.
MidPark Towers consists of four 15-storey buildings with units ranging from 36-square meter (sq.m.) studio to 108-sq.m. three-bedroom units. The residential complex is located within Aseana City, DMWAI’s mixed-use estate in Parañaque City.
“MidPark homeowners want to live in a walkable and well-connected progressive community. They look for a combination of public spaces, innovative entertainment and retail concepts and an environment that is both pedestrian-friendly and transit- oriented,” DMWAI said.
The company noted that it will have the benefit of standing close to Ayala Malls Bay Area, set to be completed in the next couple of years. It is also about two to five kilometers from the Ninoy Aquino International Airport and the recently inaugurated Parañaque Integrated Terminal Exchange.
DMWAI earlier said it plans to spend P12 billion over the next five years for Aseana City, part of which will finance three residential projects with a total saleable area of 88,000 sq.m.
Aside from residential projects, the company will also build six commercial developments spanning 280,000 sq.m. of leasable space.
DMWAI recorded a 31% drop to P524.73 million in attributable profit during the third quarter of 2018, following a 41% decline in revenues to P583 million. On a nine-month basis, the company’s attributable profit managed to rise 4% to P1.49 billion, despite revenues falling by a third to P1.78 billion.
Shares in DMWAI ended flat at P7.60 each at the stock exchange on Tuesday. — Arra B. Francia