D.M. Wenceslao and Associates, Inc. (DMW) is cautiously optimistic this year as easing monetary conditions and a gradual recovery in the property market support the rollout of its next wave of developments.

The company said the macroeconomic backdrop has begun to improve following cumulative policy rate cuts of 225 basis points since 2024 by the Bangko Sentral ng Pilipinas, although geopolitical risks continue to pose uncertainties.

“FY2025 reflects the strength of Aseana City as an integrated estate,” DMW chief executive officer Delfin Angelo “Buds” C. Wenceslao said on Friday. “As market conditions continue to evolve, we are focused on disciplined execution of our next wave of developments.”

The next phase of expansion is already underway, with Aseana Plaza Phase 1 now under active construction, marking the latest addition to the premium office segment within the Aseana City estate.

“We continue to roll out developments through a lens of gradual market recovery,” Wenceslao added. “With a strong balance sheet and a measured approach to expansion, we remain confident in delivering long-term value for our stakeholders.”

Supporting its expansion plans, DMW reported core net income of P1.9 billion in 2025, driven by resilient rental earnings and stronger contributions from its residential segment.

Recurring revenues from land leases, commercial buildings, and other ancillary sources reached P3.3 billion, accounting for 86 percent of total revenues.

Commercial building and ancillary rental revenues rose to P2.0 billion, reflecting stable occupancy across the company’s portfolio.

Residential revenues climbed 29 percent to P499 million as multiple accounts qualified for revenue recognition during the year.

The company ended the period with a debt-to-equity ratio of 0.08x and a net cash position of P1.4 billion, providing financial flexibility to advance its development pipeline.