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DMW buys Makati building, eyes condo

Listed DM Wenceslao and Associates Inc. (DMW), through its residential development arm Aseana Residential Holdings Corp., acquired a 1,600-square-meter building in Legazpi Village, Makati City, where it plans to build an upscale residential condominium.

“We believe that this property allows the company to expand and diversify our investment portfolio and development pipeline,” DM Wenceslao Chief Executive Officer Buds Wenceslao said in a statement about the acquisition on Monday.

“While Aseana City remains our flagship project, we will continue to seek opportunities in prime locations even in this current environment,” he added, referring to its mixed-use business development in Parañaque City.

“This has been a challenging year for the real estate sector with the impact of the pandemic. However, we remain optimistic in the market fundamentals and the prime location of the neighborhood.”

Part of the Makati Central Business District, Legazpi Village is known for retail concept stores, restaurants, parks and open spaces.

Earlier, DM Wenceslao reported that its attributable net income fell by 36 percent to P716.5 million in the first half of 2020 from P1.1 billion in the same period last year.

Revenues rose by 23 percent to P1.6 billion from P1.3 billion year-on-year, boosted by its residential segment.

DM Wenceslao shares added 4 centavos or 0.77 percent to finish at P5.25 apiece on Tuesday.

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Article originally posted by The Manila Times last October 7, 2020 and written by Faye Almazan.