MANILA, Philippines — DoubleDragon Corp., the property developer chaired by Edgar “Injap” Sia II and Tony Tan Caktiong, is bolstering its asset portfolio this year as the company looks to sustain its momentum after profit grew by nearly a quarter last year.
DoubleDragon reported a net income expansion of 23.25 percent to P15.93 billion in 2023 as revenues hit P24.74 billion.
The company ended 2023 with total assets of P181.24 billion, 15.59 percent higher year-on-year.
This will be strengthened further this year with the completion of seven more buildings.
“Prior to listing, DoubleDragon had not yet completed – not even a single square meter of recurring revenue asset – and its total assets at that time were less than P2 billion,” DoubleDragon chairman Edgar “Injap” Sia II said.
“Fast forward to today, DoubleDragon has grown its total assets to P181 billion and is set to further strengthen with the upcoming completion of seven more buildings to add to DoubleDragon’s portfolio this year 2024,” he said.
Sia said the company has completed to date 1.3 million square meters of recurring revenue gross floor area from a string of provincial community malls, warehouse complexes, office buildings and hotels.
He said all of these are expected to become mature assets generating optimum levels of revenues and income to DoubleDragon by 2025.
Sia said the company’s balance sheet is likewise expected to further strengthen significantly once the recently announced listing in NASDAQ of subsidiary Hotel101 Global is completed.
Hotel101 Global has recently entered into a binding definitive merger agreement with JVSPAC Acquisition Corp., with the combined entity to list on the US NASDAQ under the ticker symbol “HBNB.”
Hotel101 Global and affiliates will have an equity value of $2.3 billion, or about P130 billion, following completion of the merger transaction.
The business merger is expected to be completed by the third quarter of the year.
“We believe the Hotel101 novel and unique concept and business model that has never been done yet in any other country and is ready for export to other parts of the world,” Sia said.