DoubleDragon taps Ascott for luxury serviced apartment

DoubleDragon Properties Corporation’s subsidiary DD-Meridian Park Development Corporation has signed an agreement with Ascott Limited to develop a five-star luxury serviced apartment.

In a disclosure to the Philippine Stock Exchange, DoubleDragon said the project will be the third phase of its flagship project DD Meridian Park located at the Bay Area, corner Macapagal Avenue and EDSA Extension, Pasay City.

Ascott-DD Meridian Park Manila will sit on a 5,567 square meter lot within the 4.8-hectare complex and is expected to have over 300 luxury serviced apartment units.

The Ascott Limited is one of the leading international service residence owner-operators in the world with more than 300 properties in over 100 cities spanning more than 25 countries across the Americas, Asia Pacific, Europe, and the Middle East.

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.

Construction of Ascott-DD Meridian Park Manila is set to break ground within the year and is expected to be completed and operational by 2020.

The 4.8-hectare DD Meridian Park will consist of 8 towers that is expected to have about 230,000 square meters of leasable space.

The first phase with 4 towers named DoubleDragon Plaza is set to be completed by the last quarter of this year 2017, while the second phase DoubleDragon Center-East and DoubleDragon Center-West is expected to be completed by 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.