Aseana City owner and master developer D.M. Wenceslao & Associates Inc. (DMWAI) booked 11 percent higher net income attributable to equity holders in the first nine months of the year, to P1.65 billion from P1.49 billion in the same period last year, as revenues register double-digit growth.

The company’s net income margin stood at 86 percent from 93 percent last year.

The listed firm said revenues rose 21 percent during the period to P1.945 million on the back of growth in the residential segment. Of the total revenues, 71 percent or P1.473 million were recurring income from rentals of land, buildings and other revenues including common use service area fees.

In terms of business segments, land leasing rose two percent to P736.8 million, while rentals of buildings and other revenues related to leasing increased seven percent and 10 percent to P594.3 million and P142.2 million, respectively.

Meanwhile, sales of residential condominium units climbed to P422.7 million.

“On the operations front, we are on pace to hand over our first residential project, Pixel Residences, to customers as scheduled. We also continue to market MidPark Towers which is benefiting from the increased activity as nearby businesses open,” DMWAI chief executive officer Delfin Angelo Wenceslao was quoted as saying.

Pre-sales for the MidPark Tower has further increased to P5.8 billion from P4.8 billion in July, according to DMWAI. The office segment also sustained growth with consolidated occupancy of 98 percent.

Aside from DMWAI’s developments in Aseana City, other ongoing projects in the area include the Ayala Malls Bay Area, the 12-storey Sequioa Hotel and the Westside City Resorts World complex in the neighboring Entertainment City.