DoubleDragon to put up comm’l bldg complex

MANILA, Philippines - DoubleDragon Properties Corp., the company owned by the founders of the Jollibee and Mang Inasal food chains, will put up a commercial building complex in its 4.75-hectare prime property in Pasay City.

In a disclosure to the Philippine Stock Exchange, the property firm said it has signed a memorandum of agreement (MOA) with Filipino-owned Carto Meridian Development Corp. to develop the project, called Meridian Park, at the corner of EDSA and Macapagal Ave. in Pasay City near the Mall of Asia complex.

The Meridian Park is a 334,000-square meter area building complex.  Under the agreement, DoubleDragon will build the first phase of the project as DoubleDragon Cyber Campus, a 90,200-square meter floor area development of themed buildings for BPO offices with commercial retail spaces at the ground floor.

The property firm is targeting to start construction of the first phase by the last quarter of 2014. 

 â€œDoubleDragon aims to launch the masterplan and start construction of the first phase of the project by the last quarter of this year and aims to fully complete the whole 4.75-hectare development by year 2020,” the company said.

The joint venture will be 70 percent owned by DoubleDragon Properties Corp., it also said.

This major development is located in one of the most prime areas in Metro Manila. Almost all the vehicles going to and from SM Mall of Asia will pass by the Meridian Park.

DoubleDragon aims to make this development one of the most iconic and prominent landmarks in the area. Once the whole development is completed, it is expected to generate over P1.6 billion in annual revenues to the joint venture company, DoubleDragon said.

The development of the Meridian Park is part of DoubleDragon’s target to build up its total leasable spaces portfolio to one million sqm by 2020, of which 700,000 sqm is expected to come from 100 CityMall community malls.