DMW starts construction of biggest office project 

Aseana City developer D.M. Wenceslao and Associates, Inc. (DMW) has started construction of the first phase of Aseana Plaza, a landmark office development that will be the company’s largest commercial project to date, according to a report by Manila Bulletin.

As its latest addition to Aseana City, the firm said in a disclosure that Aseana Plaza Phase 1 will offer roughly 70,000 square meters (sqms) of gross leasable area (GLA), out of approximately 130,000 sqms GLA for the entire project.

Upon completion of Aseana Plaza Phase 1, DMW’s commercial portfolio will rise to over 300,000sqms GLA.

Aseana Plaza is designed to cater to diverse tenants, offering state-of-the-art office space for global logistics and shipping firms, business process outsourcing (BPO) companies, and traditional corporate headquarters.

DMW aims to capitalize on demand from companies seeking modern work environments within an integrated urban community.

Aligned with Aseana City’s people-centric master plan, the complex will feature a central al fresco plaza connecting to the adjacent Parqal greenway.

Aseana Plaza will also connect to the estate’s upcoming skywalk system, enhancing walkability and connectivity throughout 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 DMW Chief Executive Officer Delfin Angelo Wenceslao.

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

While the Parañaque real estate market has been affected by the ban on POGOs, DMW continued to grow its earnings due to the boost from its new mall.

The firm said its first quarter 2025 net income grew two percent to %u20B1562 million from %u20B1551 million in the same period last year, propelled by its commercial leasing segment’s strong performance.

Recurring revenues comprising rentals from land, commercial buildings, and other leasing sources rose 14 percent year-on-year to %u20B1899 million from %u20B1790 million, representing 84 percent of total revenues for the quarter.

Commercial building revenues jumped 27 percent to %u20B1406 million, driven by the year-on-year improvement in occupancy across DMW’s commercial portfolio.

Residential revenues rose 13 percent to %u20B1167 million in 1Q2025. As MidPark moves toward full completion and handover, it will introduce a new community of residents to Aseana’s main street and this influx is expected to further increase foot traffic and patronage at the firm’s Parqal mall.

“Our first quarter results underscore the merits of our integrated development strategy and focus on placemaking,” said Wenceslao.

He noted that, “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.”