MANILA, Philippines - DoubleDragon Properties Corp., the joint venture between Mang Inasal founder Edgar “Injap” Sia II and Jollibee Foods Corp. chairman Tony Tan Caktiong, has partnered with Ascott Ltd. to develop a luxury serviced apartment in Pasay City.
In a disclosure to the Philippine Stock Exchange yesterday, DoubleDragon said the project will comprise the third phase of its flagship project DD Meridian Park located at the Bay Area corner Macapagal Ave. and EDSA, Pasay City.
Ascott-DD Meridian Park Manila will sit on a 5,567 square meter lot within the 4.8-hectare complex and is expected to have over 300 luxury serviced apartment units.
It will also expand the portfolio of DoubleDragon’s Meridian flagship project.
Sia, chairman and CEO of DoubleDragon, said the project’s location is very ideal given its close proximity to the Manila Domestic and International Airport, Department of Foreign Affairs, Mall of Asia and Entertainment City.
Construction of Ascott-DD Meridian Park Manila will begin within the year and is expected to be completed and operational by 2020.
Ascott Ltd. is a known global service residence owner-operator with more than 300 properties in over 100 cities spanning more than 25 countries across the Americas, Asia Pacific, Europe and the Middle East.
It is a member of CapitaLand, one of Asia’s largest real estate companies.
Headquartered and listed in Singapore, Ascott is an owner and manager of a global portfolio worth more than $78 billion as of the end of March 2017.
Sia said the 4.8-hectare DD Meridian Park will have eight towers with a total of 230,000 square meters of leasable space.
DoubleDragon Plaza, the first phase of four towers, is set to be completed by the last quarter of this year while the second phase – DoubleDragon Center-East and DoubleDragon Center-West – is expected to be completed by the last quarter of 2018.
The development of Ascott-DD Meridian Park Manila is expected to further enhance the profile of the entire development and meaningfully contribute to the recurring revenues of DoubleDragon, Sia said.