MANILA, Philippines — DoubleDragon Properties Corp., the listed property and mall developer of Mang Inasal founder Edgar “Injap” Sia II and Jollibee Foods Corp. chairman Tony Tan Caktiong, grew its net income by 71.8 percent last year to P2.53 billion.
Recurring revenue more than tripled to P1.31 billion from only P347.6 million the previous year as rental revenues surged 238.4 percent to P909.2 million.
Recurring revenue now accounts for 19.8 percent of the company’s total revenues as it continues its shift toward its goal of becoming a 90 percent recurring revenue company by 2020.
“I am personally glad about the progress we have made in the past three years as it has been essential in putting together the solid building blocks that will serve as the bedrock of a company designed and built to stand the test of time,” Sia said.
He said the company has already completed 332,500 square meters of leasable space and expects to have over 50 percent of its target leasable portfolio to be online and to start to contribute substantially by 2019.
The company’s portfolio of CityMalls or community malls has been growing, Sia said.
The first 25 CityMalls are on the average already 95.3 percent leased out.
DoubleDragon expects a total of 50 completed CityMalls by the end of the year.
The company’s most recent foray into the industrial warehousing business has also seen substantial traction, now having secured two of the eight CentralHub sites it intends to initially develop by 2020.
CentralHub Tarlac and CentralHub Iloilo both strategically located in main industrial areas have a combined capacity of 54,000 sqm of warehouse space once fully built.
DoubleDragon will be developing CentralHub sites in phases and is looking to have at least 100,000 sqm of leasable warehouse space contributing to its portfolio by 2020.