Dou­bleDragon plans Cen­tralHub in Iloilo

Business World - - CORPORATE NEWS - Arra B. Fran­cia

DOU­BLEDRAGON Prop­er­ties Corp. has ac­quired a 3.9-hectare prop­erty in Iloilo to be de­vel­oped by its in­dus­trial unit, as it looks to de­velop man­u­fac­tur­ing fa­cil­i­ties across the coun­try.

In a state­ment on Wed­nes­day, the listed firm said Iloilo will be the site of the se­cond com­plex un­der Cen­tralHub In­dus­trial Cen­ters, Inc.

Lo­cated along Iloilo R3 road, Cen­tralHub In­dus­trial Cen­ters will be con­struct­ing stan­dard­ized multi-use ware­houses suited for com­mis­saries, cold stor­age, light man­u­fac­tur­ing, and lo­gis­tics dis­tri­bu­tion cen­ters. The site is lo­cated three kilo­me­ters away from the Iloilo In­ter­na­tional Air­port, and around 10 kilo­me­ters away from Iloilo City Proper.

Once fully de­vel­oped, the fa­cil­ity will of­fer 22,000 square me­ters (sq.m.) of leasable space. This will bring Dou­bleDragon’s in­dus­trial leas­ing port­fo­lio to 54,000 sq.m., as the com­pany is also de­vel­op­ing Cen­tralHub Tar­lac with a to­tal leasable space of 32,000 sq.m.

“We be­lieve the in­dus­trial leas­ing seg­ment presents sig­nif­i­cant growth op­por­tu­ni­ties for Dou­bleDragon as the cur­rent mar­ket sup­ply is very tra­di­tional and frag­mented,” Dou­bleDragon Chair­man Edgar J. Sia II said in a state­ment.

By 2020, Cen­tralHub is tar­get­ing to have 100,000 sq.m. of leasable space from eight in­dus­trial prop­er­ties cov­er­ing a to­tal land area of 100 hectares. The com­pany looks to scat­ter its foot­print to two de­vel­op­ments in North Lu­zon, two in South Lu­zon, two in Visayas, and two in Min­danao.

The com­pany is bank­ing on ecom­merce busi­nesses as well as ten­ants of its com­mu­nity malls seg­ment to push up de­mand for in­dus­trial spa­ces in the fu­ture. Dou­bleDragon is also cur­rently un­der­tak­ing the ex­pan­sion of Ci­tyMalls, where it ex­pects to have 700,000 sq. m. of leasable space by 2020.

Dou­bleDragon’s en­try into the in­dus­trial prop­erty sec­tor forms part of its vi­sion to be­come a leader in a space that has yet to be dom­i­nated by the coun­try’s largest play­ers in real es­tate.

“As a new player in an al­ready ma­ture real es­tate in­dus­try which has been dom­i­nated by large es­tab­lished play­ers for decades, we are fo­cused in seg­ments within the real es­tate space where we still have an op­por­tu­nity to or­gan­i­cally dom­i­nate, such as in­dus­trial leas­ing, provin­cial com­mu­nity mall leas­ing and hos­pi­tal­ity,” Mr. Sia said.

Aside from ex­pand­ing its in­dus­trial and com­mu­nity malls busi­nesses, Dou­bleDragon is also ramp­ing up its of­fice leas­ing and hos­pi­tal­ity seg­ments un­der its 2020 vi­sion. By then, the firm looks to have 5,000 rooms from un­der Ho­tel 101 and Jin­jiang Inn brands.

The com­ple­tion of Jol­libee Tower in Or­ti­gas Cen­ter and DD Merid­ian Park will add an­other 300,000 sq.m. of of­fice spa­ces un­der its port­fo­lio, for a to­tal leasable space of 1.2 mil­lion sq.m. un­der Dou­bleDragon.

The com­pany tar­gets to book earn­ings of P5.5 bil­lion upon the com­ple­tion of these projects in 2020.

Dou­bleDragon’s at­trib­ut­able profit for the first three quar­ters of 2017 rose 8.4% to P812 mil­lion, as rev­enues jumped 108% to P4.08 bil­lion.

Shares in Dou­bleDragon gained 40 cen­tavos or 1.11% to fin­ish at P36.50 each at the stock ex­change on Wed­nes­day. —

DOU­BLEDRAGON Prop­er­ties, Inc. is de­vel­op­ing a Cen­tralHub in Iloilo.

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