DoubleDragon forms international subsidiaries

MANILA, Philippines — DoubleDragon Properties Corp. is strengthening its international business.

In a disclosure to the Philippine Stock Exchange, DoubleDragon said its board approved the creation of international wholly-owned selling arm subsidiaries in Singapore, Hong Kong, Japan, London, Italy and the US.

The new  subsidiaries will focus on the international pre-selling of Hotel 101 projects in the Philippines.

Officials said this would complement DoubleDragon’s strong in-house domestic sales force consisting of over 50 experienced property specialists.

The company has so far registered over P1.9 billion in sales across all projects, representing an increase of 142.9 percent year-on-year.

Bulk of sales came from Hotel 101 Fort which hit a record P1.65 billion in sales since its launch in March 2018.

“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,” said Hannah Yulo, chief investment officer of DoubleDragon.

Yulo said the next step is to set up several more sales teams abroad in preparation for more Hotel101 projects in Davao, Boracay, Bohol and Palawan.

Pre-selling for the hotels will start next year with over P12.21 billion in new inventory.

DoubleDragon chairman Edgar “Injap” Sia II said Hotel 101 provides the optimum balance for the company as the offices, malls and warehouses are recurring revenue sources which start pouring in upon their respective completion.

It aims to complete a leasable portfolio of 1.2 million square meters by 2020.

This will be comprised of 700,000 square meters from 100 CityMalls: 300,000 square meters from its Metro Manila office projects DD Meridian Park and Jollibee Tower, 100,000 square meters from the planned 5,000 hotel rooms of Hotel 101 and Jinjiang Inn Philippines, and another 100,000 square meters of industrial space from various CentralHub sites across Luzon, Visayas and Mindanao.