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Business

DDMP REIT earnings jump 41%

Richmond Mercurio - The Philippine Star

MANILA, Philippines — DDMP REIT Inc., the real estate investment trust company of tycoon Edgar “Injap” Sia, reported a net income of P7.17 billion last year, up 41 percent from P5.09 billion in 2020.

Rental and CUSA income rose 13.78 percent to 2.18 billion from P1.91 billion the previous year.

“We are glad that DDMP REIT has remained resilient and has stably passed through what people say is a once in a lifetime major global crisis brought by the COVID-19 pandemic,” said Sia, DDMP REIT chairman.

“We believe that the most important feature of DDMP REIT is that 100 percent of its leasable space sits on prime commercial titled land that DDMP REIT perpetually owns, as over a long period of time, the land value is expected to surpass the value of the building structures, and in the specific case of DDMP REIT, both the titled land and the buildings are owned by the DDMP REIT shareholders forever because the land is titled, and is not a leasehold,” he said.

DoubleDragon Tower, the 7th completed office tower in DD Meridian Park complex, is set to start the turnover to its tenants by June.

The asset is expected to soon become part of DDMP REIT.

Beside the newly completed DoubleDragon Tower is The Ascott in DD Meridian Park which is under construction.

REAL ESTATE

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