DoubleDragon raising P10 billion from issuance of retail bonds

MANILA, Philippines — DoubleDragon Corp., the listed developer chaired by Edgar “Injap” Sia II, is aiming to raise as much as P10 billion from the issuance of retail bonds.

The company said the proposed bond issue has been assigned an Issue Credit Rating of PRS Aaa by local debt watcher Philippine Rating Services Corp. (PhilRatings).

Likewise, the company was assigned an Issuer Credit Rating of PRS Aaa (Triple A) by PhilRatings.

DoubleDragon said it is one of the few companies in the country with a credit rating of PRS Aaa (Triple A), the highest rating tier by PhilRatings.

For this year, DoubleDragon’s total equity is set to exceed P100 billion for the first time, making it one of the few Philippine firms with total equity at 12-digit level.

Total equity of the company expanded by 15.88 percent year-on-year to P94.57 billion as of end 2023.

The company intends to open a new CityMall in Antique by the second half of the year which will make it the third largest mall developer in the Philippines.

CityMall-Antique, located right across the Antique Provincial Capitol, will serve as DoubleDragon’s 50th CityMall nationwide.

In less than 10 years, the company has completed over 1.3 million square meters of diversified asset portfolio consisting of a chain of provincial community malls, office buildings in Metro Manila, hotels in the Philippines and overseas as well as warehouse complexes around the country.

Aside from positioning a diversified hard asset portfolio spread out across the Philippines, DoubleDragon has also organically developed a novel asset-light concept and highly unique business model in Hotel101, which has now expanded outside the country.

DoubleDragon said the export of Hotel101 is expected to eventually become one of the country’s major US dollar inflow generators.

The first three countries for Hotel101’s expansion abroad are Japan, Spain and the United States.

The upcoming Hotel101 Global listing in the US is also seen further strengthening DoubleDragon’s balance sheet.

In the Philippines, the company targets to open this year the 519-unit Hotel101-Davao, which is poised to be the biggest hotel in Mindanao.

Slated to open next year, meanwhile, is the 548-unit Hotel101 Cebu-Mactan, which is set to be the biggest airport hotel in Visayas.

Also currently under construction in the country is Hotel 101-Libis which is set to be the largest hotel in Quezon City with 702 rooms.

Other Hotel101 branded hotels for future developments in the country will be in Palawan, Bohol, Boracay, Cagayan De Oro and Baguio.