Doubledragon completes Manila landbank

DoubleDragon Properties Corporation has signed an agreement to develop a 3,002 square meter prime lot in the Ortigas Central Business District owned by Jollibee Foods Corporation.

During the firm’s annual stockholders’ meeting, DoubleDragon chairman Edgar Sia II said the agreement with Jollibee completes the land the firm needs to build its targeted 300,000 sqm of leasable commercial and office space in Metro Manila.

Sia said DoubleDragon will build a 40-storey commercial and office building to be called Jollibee Tower on the lot at the corner of F. Ortigas Jr. Road and Garnet Road. It will be designed as a Grade A structure and is expected to secure LEED certification.

Construction is expected to start in the fourth quarter this year and is expected to be complete in 2018. Once fully occupied, the development is expected to generate about R350 million in annual rental revenues for DoubleDragon.

As part of the deal, Jollibee said it will receive from DoubleDragon some office, commercial and parking units in Jollibee Tower in exchange for the prime lot.

The ground floor of the building will have commercial spaces and a drive-thru store provision to carry Jollibee brands, while the second and third floors will house an even center.

Selected floors will be used by Jollibee as its offices while the rest of the floors will be leased out to other corporate and business process outsourcing firms.

Meanwhile, Sia said DoubleDragon is accumulating another 700,000 square meters of leasable retail space through the roll out of 100 CityMalls across the provincial areas of the Philippines.

He said CityMall has already secured 32 prime commercial properties in the provincial areas of Luzon, Visayas and Mindanao.