DoubleDragon, RLC to develop Libis property

MANILA, Philippines — DoubleDragon Properties Corp. of Edgar “Injap” Sia and Tony Tan Caktiong and the Gokongwei-owned Robinsons Land Corp. have partnered to develop a prime property in Libis, Quezon City.

The companies signed an agreement to jointly develop a one hectare commercial lot adjacent to Bridgetowne, RLC’s first township development.

Part of the development will be the construction of Robinsons DoubleDragon Square where the land and building will be jointly onwned by Robinsons Land and DoubleDragon.

The building, which will be named Robinsons DoubleDragon Square, will have both retail and office components.

The area will also include a Hotel 101, which will be solely developed by DoubleDragon’s Hotel of Asia Inc.

The joint development will form part of the integrated development of Bridgetowne.

This area will have residential condominiums, office buildings, shopping centers and a five-star hotel.

DoubleDragon chairman Edgar “Injap” Sia II said Bridgetowne is envisioned to be a major business park in Metro Manila.

“We believe this partnership between DoubleDragon and Robinsons Land will bring about long-term fruitful gains to both companies,” Sia said.

The transaction is subject to the Philippine Competition Commission and other regulatory approvals when applicable.

DoubleDragon has a target to complete a leasable portfolio of 1.2 million square meters by 2020.

This will comprise 700,000 sqm from 100 CityMalls; 300,000 sqm from its Metro Manila office projects DD Meridian Park and Jollibee Tower; 100,000 sqm from the pipeline 5,000 hotel rooms of Hotel 101 and Jinjiang Inn Philippines and another 100,000 sqm of industrial space from various CentralHub sites across Luzon, Visayas and Mindanao.

At present, DoubleDragon has four pillars of growth namely provincial retail leasing, office leasing, industrial leasing and hotels which will provide the company with a diversified source of recurring revenue.

However, Sia said the company is now preparing for the next phase of growth for DoubleDragon after it meets its 2020 goals.