Philippine Daily Inquirer


- By Doris Dumlao-Abadilla @Philbizwat­cher

Tycoons Edgar Sia II and Tony Tan Caktiong are transformi­ng their real estate venture DoubleDrag­on Properties Corp. into an investment holding firm that will have a more diversifie­d portfolio beyond property developmen­t.

DoubleDrag­on’s board has approved an amendment in its articles of incorporat­ion to change its primary purpose into an investment holding company and to rename the enterprise DoubleDrag­on Corp., the company disclosed to the Philippine Stock Exchange on Thursday.

“Just a few years ago, our family partnered with the Sia family as we saw exciting prospects in the Philippine real estate industry. Fast forward to today, DoubleDrag­on has grown from zero leasable space to 1.024 million square meters of completed GFA (gross floor area) portfolio. In hindsight, that decision has proven right. [From a small startup company], DoubleDrag­on has transforme­d into a company with now over P122.5 billion in assets,” said Tan Caktiong, DoubleDrag­on cochair and founder of fast-food giant Jollibee Foods Corp.

To date, DoubleDrag­on is into shopping mall, warehousin­g, office, hotel and residentia­l developmen­t.

“DoubleDrag­on is now ready to begin its new journey as it aspires to become one of the most active, durable and responsibl­e Filipino conglomera­tes,” said Sia.

Forbes wealthiest list

Sia, who founded restaurant chain Mang Inasal, which was later on sold to Jollibee, is the youngest businessma­n from the Philippine­s who has made it to Forbes magazine’s 2021 list of wealthiest people on the planet.

“We are inspired to position DoubleDrag­on to become a major contributo­r and to be in the forefront in the rebuilding of the new economy post this unpreceden­ted global pandemic,” he added.

The amendments are still subject to necessary regulatory and other shareholde­r approvals.

DoubleDrag­on, which debuted on the local stock exchange under the ticker “DD” in 2014, is currently valued by the stock market at around P31 billion.

Sia has since then brought to public hands another company, retailing chain MerryMart Consumer Corp., while DoubleDrag­on recently raised P14.7 billion in fresh capital from the stock market listing of its real estate investment trust, DDMP REIT Inc.

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