DMW breaks ground on its biggest office development in Aseana City

LISTED property developer DM Wenceslao and Associates, Inc. (DMW) broke ground on the first phase of its Aseana Plaza office project in Parañaque City.

Situated within the 107.5-hectare Aseana City development, Aseana Plaza will feature a total gross leasable area (GLA) of 130,000 square meters (sq.m.), making it DMW’s largest commercial undertaking to date.

The initial phase is set to offer approximately 70,000 sq.m. of GLA, the company said in a statement on Tuesday. Upon completion, DMW’s commercial portfolio will expand to over 300,000 sq.m. of GLA.

DMW aims to meet the growing demand for modern office spaces within an integrated urban community. Aseana Plaza will cater to global logistics and shipping firms, business process outsourcing companies, and traditional corporate headquarters.

It will include a central al fresco plaza connected to the adjacent Parqal greenway.

The project will also link to Aseana City’s forthcoming skywalk system, enhancing walkability and connectivity across the estate.

“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 DMW Chief Executive Officer Delfin Angelo C. Wenceslao.

“Breaking ground on Aseana Plaza is a major step toward realizing that vision, creating a destination where global industry players and local communities converge.”

For the first quarter, DMW reported a 2% increase in net profit to P562 million. Recurring revenue from rentals of land, commercial buildings, and other leasing sources rose 14% to P899 million.

Commercial building revenue grew 27% to P406 million, driven by higher occupancy, while residential revenue increased 13% to P167 million.

DMW shares closed unchanged at P5 per share on Tuesday. — Revin Mikhael D. Ochave