Listed property developer D.M. Wenceslao & Associates Inc. (DMWAI) on Friday said it concluded the sale of a 2,202-square meter lot in Aseana City, Paranaque worth P935.85 million.

DMWAI said the transaction, exclusive of value-added tax, generates revenues and “complements and maximizes” the potential in the company’s real estate portfolio.

The company is the owner and master developer of the 204-hectare Aseana City, which currently has land holdings of 569,359 sqm.

“The rapid growth of land values in Aseana City is a testament to our key strength — that is the quality of our land bank. There was tremendous demand across the board from high net worth individuals to national property development players,” vice president for corporate planning Julius Guevarra was quoted as saying.

“It should be seen as no surprise due to the primeness of Aseana City as the one of the best locations for mixed-use developments and tourism-themed projects.”

The bay area in Paranaque is especially seeing record-high property demand due to the growth of the offshore gaming industry, currently the fastest growing industry in the local office market.

According to propery consultant Leechiu, the Bay city, Makati city and Quezon city alone make up 71 percent of the total footprint of Philippine Offshore Gaming Operators (POGO), with the Bay city accounting for the highest share of 502,000 sqm., or 36 percent of the total POGO footprint in the country.

DMWAI registered 17 percent higher net income in the first six months of the year, to P1.122 billion from P969.8 million in the same period last year driven by strong revenue contribution from its residential business.