DoubleDragon raises $75 million from bonds

MANILA, Philippines — DoubleDragon Properties Corp., the listed property firm owned by Edgar “Injap” Sia and Tony Tan Caktiong, has successfully raised $75 million through the issuance of new five-year dollar bonds.

The bonds issued by DoubleDragon’s subsidiary DDPC Worldwide Pte. Ltd. are now listed at the Singapore Exchange Securities Trading Ltd.

The fresh funds raised from the offering and the planned P16.97 billion REIT initial public offering are expected to significantly increase the company’s cash position, Double Dragon said yesterday.

For 2019, the company generated a net income of P10.65 billion or an increase of 43.53 percent.

DoubleDragon’s recurring revenue grew 30.13 percent to P3.95 billion in 2019, largely due to higher rental revenues. The company has 803,738 square meters of completed leasable space.

Moving forward, the company is embracing the new normal with some adjustments to its business plans this year.

It now targets to complete a leasable portfolio of 1.2 million square meters by 2022, pushed back from the original 2020 target. This will still comprise of 700,000 square meters from 100 CityMalls or its provincial retail malls, 300,000 sqm from its Metro Manila office projects DD Meridian Park and Jollibee Tower, 100,000 sqm from the 5,000 hotel rooms of Hotel101 and Jinjiang Inn Philippines, and another 100,000 sqm of industrial space from various CentralHub sites across Luzon, Visayas and Mindanao.