DoubleDragon forms 6 int’l units
DOUBLEDRAGON Properties Corp. is forming new overseas subsidiaries to handle the preselling of units for four planned Hotel101 branches.
In a disclosure on Friday, the listed property developer said its board of directors had approved the creation of such units in Singapore, Hong Kong, Japan, London, Italy and the United States for the four branches that will rise in Davao, Bohol, Palawan and Boracay.
The branches will have a total inventory of P12.21 billion.
DoubleDragon plans to take advantage of the strong domestic sales of Hotel101 units after exceeding P1.9 billion this year, representing a 142.9-percent increase year- on-year.
Bulk of these sales came from Hotel101 The Fort, which generated P1.65 billion since its launch in March.
“We are particularly pleased with the performance of our recently set-up in-house sales team that has made a substantial contribution to our revenue and cashflow stream this year,” DoubleDragon Chief Investment Officer Hannah Yulo said.
In a separate comment, DoubleDragon Chairman Edgar Sia 2nd said “Hotel101 provides the optimum balance for DoubleDragon as our offices, malls and warehouses are recurring revenue sources [that] start pouring in upon their respective completion.”
“For Hotel101, DoubleDragon derives revenues twice—firstly, from the preselling of the units during the construction phase; and secondly, once the projects are completed, the properties start to generate recurring revenue from hotel operations,” he added.
DoubleDragon targets to achieve 1.2 million square meters of leasable spaces by 2020: 700,000 sqm from 100 CityMalls; 300,000 sqm from Metro Manila office projects DD Meridian Park and Jollibee Tower; 100,000 sqm from the planned 5,000 hotel rooms of Hotel101 and Jinjiang Inn Philippines; and 100,000 sqm of industrial space from various CentralHub sites.
Shares of DoubleDragon increased by 40 centavos or 2.25 percent to close at P18.18 apiece in line with the Philippine Stock Exchange index’s 0.02-percent rise on Friday.
ANGELICA BALLESTEROS