DoubleDragon eyes P15 B borrowings

MANILA, Philippines - DoubleDragon Properties Corp. plans to raise an additional P15 billion through the debt market to fund its ongoing expansion program.

In an interview with The Star, DoubleDragon chairman and chief executive officer Edgar “Injap” Sia said the company was considering issuing retail bonds and/or corporate notes to cover its financing requirements this year.

“There’s advise to raise it this year, in the latter part but it depends on our land acquisitions, Sia said.

“It would most likely be via retail bonds or corporate notes or combination, depending on what will be the best option for the company at that point in time,” he added.

Sia said the move is in line with the company’s plan to hit one million square meters of leasable space by 2020 through the rollout of 100 community malls across third-tier provincial cities.

The company is on track to hitting this goal, he said.

“The target is open 25 CityMalls this year. Including the five CityMalls opened last year, we expect to have a total of 30 hectares by the end of the year,” Sia said.

DoubleDragon is currently constructing the DD Meridian Park, which will have 280,000 square meters of leasable office space, and the 40-story Jollibee Tower, which will have 47,909 sqm of leasable space.

It successfully raised P10 billion through issuance of preferred shares. The bonds have a dividend rate of 6.4778 percent per annum.

In less than two years since its initial public offering at the Philippine Stock Exchange in 2014, DoubleDragon has already secured over two-thirds of the landbank it needs to achieve its goal.