DoubleDragon builds more office towers

DoubleDragon Properties Corp. has topped off DoubleDragon Center West, which will be the sixth office tower to be completed in DD Meridian Park, its flagship Metro Manila project.

In a disclosure to the Philippine Stock Exchange, the firm said DD Center West together with DD Center East are both slated for completion and will start handover to tenants this coming December 2018.

Combined, the two towers will add another 35,752 square meters of leasable office space to the 138,503 square meters already completed in DD Meridian Park.

The four office towers of DoubleDragon Plaza, the first phase of DD Meridian Park, which officially opened its doors to the public last May 7, 2018 is already 100 percent leased to date and is expected to house over 20,000 employees of its tenants by the end of the year.

Once fully developed, DD Meridian Park is expected to house over 50,000 employees of its tenants by 2020.

DoubleDragon also broke ground on its ninth building in DD Meridian Park, the DD Meridian Tower, located in the prime corner of Macapagal Avenue and EDSA Extension.

DD Meridian Park will house a total of eight office towers and one luxury serviced apartment building once completed, including Ascott DD Meridian Park Manila which is scheduled to complete 351 luxury serviced apartments by 2020.

“As we complete more projects nationwide, our rental revenues will continue to grow exponentially quarter on quarter. DoubleDragon is now starting to harvest from the seeds that it has been planting around the country in the last 4 years,” said DoubleDragon Chairman Edgar “Injap” Sia II.

DoubleDragon Chief Investment Officer Hannah Yulo said that, “despite the rising interest rate environment, DoubleDragon remains generally unaffected as we were prudent early on in making sure all our corporate notes and retail bonds have fixed interest rates for 7 to10 years.”

She added that “the company also has no US dollar exposure with all fund raises being peso denominated. More importantly, we have no key maturities on our corporate notes until 2021, by then annual cashflows from our portfolio of 1.2 million square meters of leasable space should be more than sufficient to cover the principal due.”