DDMP REIT inks P800 million lease deal for DoubleDragon

MANILA, Philippines — DDMP REIT Inc., the real estate investment trust of Double Dragon Corp., has moved a step closer to its goal of achieving 95 percent occupancy rate by the end of the year.

This comes after the company expanded its office space portfolio with a new office space lease of 15,100 square meters at the DoubleDragon Plaza at DD Meridian Park. The new office space is valued at P798.81 million.

DDMP REIT has received P55.26 million in rental deposits for the new office space lease.

DoubleDragon Plaza is positioned as a mini central business district (CBD) in the Bay area given its prime landmark double corner location on EDSA, Roxas Boulevard and Macapagal Avenue in the Bay Area, Pasay City, Metro Manila, said DDMP REIT chairman Edgar Injap Sia II.

It is also LEED Gold certified and currently houses two government agency headquarters namely the Philippine Economic Zone Authority and the Tourism Infrastructure Economic Zone Authority.

“During the economic crisis, office tenants will have so many choices to choose from a bunch of available office spaces, but when the smoke starts to clear, office tenants, especially corporate offices, will choose efficient and newly built LEED Gold buildings, such as DoubleDragon Plaza at DD Meridian Park as these will bring better value than alternative CBDs,” Sia said.

Furthermore, DoubleDragon Plaza expects to soon welcome an additional third government agency, in addition to many private corporate head offices in the complex.

It also has eight commercial banks, namely Landbank, RCBC, Philippine National Bank, BPI, AUB, Unionbank, Chinabank, and BDO, making it convenient for office tenants to complete their banking transactions all within their proximity.

DoubleDragon Plaza is located in close proximity to the Ninoy Aquino International Airport and other CBDs in Metro Manila.