Property

DoubleDragon sees more growth this year

DoubleDragon Properties Corp., this year, aims to reach 1.2 million sqm in total property, with the bulk coming from its Citymall chain.
With its Cebu project’s Php2.33 billion in unit inventory, DoubleDragon’s unit inventory has gone up to P14.53 billion, Rappler has reported.
The real estate firm’s subsidiary, Hotel of Asia last year signed a joint venture with U-Bix Group’s Federated Realty Corp. a move seen to breach its hotel portfolio target of 5,000 rooms.
DoubleDragon said the joint venture will develop the 514-room Hotel101-Cebu, which is expected to become the biggest airport hotel in the Visayas.
Hotel101-Cebu will be built along the Mactan-Cebu International Airport Road. Covering 5,493 square meters (sqm), it will be complemented by a convention center and commercial strip.
Counting DoubleDragon’s other hotel chains, the company would have a total of 5,082 rooms once its Cebu hotel is completed. DoubleDragon also operates Jinjiang Inn, Skysuites, and Ascott-DD Meridian Park, according to the Rappler report.
This also brings  the number of Hotel101 projects which will pre-sell this year in key tourism and urban areas in the country to six, including Bohol, Boracay, Cebu, Davao, Palawan, and the Fort.
DoubleDragon chairman Edgar “Injap” Sia II said that they believe the Philippines will surpass 10 million tourist arrivals annually “very soon.”
Rappler also quoted DoubleDragon chief investment officer Hannah Yulo as saying that “as hotel room rates and occupancy increase over time, both Hotel101 and its unit owners are positioned to continuously gain financial benefit from their real estate investment.”
The Philippine Property and Investment Exhibition (PPIE), the biggest, longest-running and most trusted Philippine business and investment forum in the Middle East is now on its eighth edition, which will be held on April 10 – 11, 2020 at Crowne Plaza – Sheikh Zayed Road.
The past seven PPIE editions made history in the UAE and the Gulf region by bringing in over 24,500 quality visitors.
 

Staff Report

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