DoubleDragon subsidiary, Ascott to develop condo

A UNIT of property developer DoubleDragon Properties Corp. will be taking on a luxury condominium project with international serviced residence operator The Ascott Ltd. this year.

In a disclosure to the stock exchange on Monday, the listed firm said its subsidiary DD-Meridian Park Development Corp. signed an agreement with The Ascott for the development of Ascott- DD Meridian Park Manila. The tower is part of the third phase of the 4.8-hectare DD-Meridian Park, DoubleDragon’s flagship project at the Bay Area in Pasay City. The building will be constructed on a 5,567-square meter (sq.m.) lot inside the complex, housing over 300 serviced apartment units.

With groundbreaking scheduled within the year, DoubleDragon expects the property to be completed and become operational by 2020.

“The location of the upcoming Ascott-DD Meridian Park Manila is very ideal for the project given its close proximity to the Manila Domestic and International Airport, Department of Foreign Affairs, Mall of Asia and the Entertainment City,” the company said in a statement.

Upon completion, DD Meridian Park will have a total of eight towers set to have 230,000 sq.m. of leasable space. The first phase consisting of four towers is targeted to be completed by the fourth quarter of 2017, with the second phase — which includes corporate offices through DoubleDragon Center-East and DoubleDragon Center-West — to be completed in the last quarter of 2018.

“The development of AscottDD Meridian Park Manila... is expected to further enhance the profile of the entire development and meaningfully contribute to the recurring revenues of DoubleDragon,” the company said.

In the first quarter, DoubleDragon posted a net income of P165.67 million, a 279% year-onyear increase from the P43.66 million it booked in the same period in 2016. Shares in DoubleDragon went up 85 centavos or 1.81% to close at P47.75 each on Monday.