DoubleDragon Properties Corp.

...demand for the stock still not picking up yet, I wonder why? Kamusta na kaya ang revenue ni DD from operations?

DoubleDragon creates units to woo international buyers

DoubleDragon Properties Corp. will incorporate international subsidiaries that will handle the pre-selling activities of P12.21 billion worth of hotel units in the country starting next year.

In a statement issued Friday, the listed property developer said its board of directors has approved the creation of wholly-owned units to be based in Singapore, Hong Kong, Japan, London, Italy, and the United States.

This is in line with the company’s plan to start selling units from Hotel101 projects in Davao, Boracay, Bohol, and Palawan in 2019.

DoubleDragon said it currently has more than 50 property specialists handling its domestic sales, who helped the company book a 142.9% year-on-year increase in new sales to P1.9 billion across all projects.

Bulk of the sales came from the company’s Hotel101 Fort development in Bonifacio Global City, providing P1.65 billion since its launch last March.

“We are particularly pleased with the performance of our recently set-up in-house sales team that has made a substantial contribution to our revenue and cashflow stream this year,” DoubleDragon Chief Investment Officer Marriana Hannah Yulo said in a statement.

Hotel101 follows the condotel concept, where an investor buys a unit and then hands its over to DoubleDragon for management. The unit owner then gets his share of revenues based on the deal agreed upon by both parties.

The company noted that early unit owners of Hotel101 Manila in Pasay City have already received a 7.04% gross yield on their investment from December 2017 to November 2018.

The expansion of the Hotel101 brand forms part of the company’s goal to have 1.2 million square meters under its leasable portfolio by 2020. Its hospitality segment is projected to contribute 100,000 sq.m to this target from the construction of 5,000 hotel rooms carrying the Hotel101 and Jinjiang Inn Philippines brands.

“Hotel101 provides the optimum balance for DoubleDragon as our offices, malls and warehouses are recurring revenue sources which start pouring in upon their respective completion,” DoubleDragon Chairman and Chief Executive Officer Edgar J. Sia II said in a statement.

“(F)or Hotel101, DoubleDragon derives revenues twice — firstly, from the pre-selling of the units during the construction phase and secondly, once the projects are completed the properties start to generate recurring revenue from hotel operations.”

DoubleDragon’s attributable profit grew by 19% to P966.02 million in the first nine months of 2018, following a 16% uptick in gross revenues to P4.72 billion during the same period.

2019 SMP Charity/Tsinelas & School Supplies Donation Drive link


DoubleDragon aims to generate over P10-B revenues this year

DOUBLEDRAGON Properties Corp. looks to generate a total of P10.52 billion in rental income and sales from its malls, office, warehouse, and hotel projects in 2019, as the property developer continues to benefit from its aggressive expansion program in the previous years.

DoubleDragon Chairman and Chief Executive Officer Edgar J. Sia II said he expects the company to post P4.42 billion in rental income from its community mall concept called CityMall, its office projects in Metro Manila, as well as its industrial space leasing business.

The company was on track to end 2018 with 50 CityMalls in second and third tier cities to take advantage of the economic growth in the provinces.

Its office projects are DD Meridian Park, an office tower complex located in the Pasay City, and the Jollibee Tower in Ortigas Center.

It also completed its first industrial facility called CentralHub Tarlac in the third quarter of 2018, with seven more to follow in the coming years.

DoubleDragon is also set to book P6.10 billion in sales from five Hotel101 projects. In the latter part of 2018, the company incorporated international subsidiaries to help sell the firm’s hotel projects to potential investors overseas. It will start selling Hotel101 units in Davao, Boracay, Bohol, and Palawan this year.

“2019 is also expected to be the year with the biggest jump in DoubleDragon’s recurring revenues contributed by the over 600,000 square meters of completed leasable space versus having zero leasable space in 2014,” Mr. Sia told BusinessWorld in an e-mailed reply to questions.

DoubleDragon is one year away from its goal of having a total of 1.2 million sq.m. in overall leasing spaces in 2020. By 2020, the company would have 100 CityMalls, 5,000 hotel rooms under the Hotel101 and JinJiang Inn Philippines brands, and eight industrial hubs across different sites in Luzon, Visayas, and Mindanao.

Mr. Sia said he is upbeat on the company’s prospects for this year.

“Our outlook for 2019 is very positive, as I personally believe that the most challenging stage of a start-up business venture is always on its first seven years, and gladly DoubleDragon in 2019 is turning 7 years old after our joint venture partnership with the Jollibee Group in July 2012,” Mr. Sia said.

Formerly called Injap Land Corp. which was fully owned by the Sia family’s holding firm Injap Investments, Inc., Jollibee Foods Corp. Chairman Tony Tan Caktiong entered DoubleDragon through Honeystar Holdings Corp.

Prior to their partnership in property development, Mr. Tan Caktiong, through Jollibee, also purchased Mr. Sia’s grilled chicken chain Mang Inasal.

DoubleDragon’s net income attributable to the parent stood at P966.02 million in the first nine months of 2018, 19% higher year-on-year, after gross revenues surged 16% to P4.72 billion in the same period.

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DoubleDragon partners with Cargill-Jollibee JV

DOUBLEDRAGON Properties Corp. has teamed up with the local unit of multinational firm Cargill for the development of industrial facilities in the country.

In a statement issued Wednesday, the listed property developer said its industrial leasing unit CentralHub Industrial Centers, Inc. has formed a strategic partnership with Cargill Joy Poultry Meats Production, Inc. (C-Joy) for the expansion of its industrial leasing facilities.

DoubleDragon said the partnership will enable Cargill to achieve its target to have about 30 hectares of industrial development space in several locations in the country.

C-Joy is a joint venture of the US-based Cargill and Jollibee Foods Corp. (JFC). It currently operates a poultry processing plant in Santo Tomas, Batangas, which supplies dressed and marinated chicken for JFC brands such as Jollibee, Mang Inasal and Chowking.

“This partnership with Cargill is in line with DoubleDragon’s vision to make CentralHub the leading provider of industrial complexes in the Philippines. These industrial facilities will add a substantial amount of leasable space to our growing leasable portfolio nationwide,” DoubleDragon Chairman Edgar J. Sia II said in a statement.

CentralHub targets to have 100,000 square meters of leasable industrial space from a total of eight projects by 2020. The sites are spread out across Luzon, Visayas, and Mindanao.

“We are very optimistic for the growth prospects of CentralHub as we expect the demand for modern industrial complexes to continue to increase significantly as more companies will require modern standardized multi-use warehouses suited for commissaries, cold storage, light manufacturing and logistic distribution centers,” DoubleDragon Chief Investment Officer Marianna H. Yulo said in a statement.

Ms. Yulo added that CentralHub has the potential to be the first industrial REIT (real estate investment trust) in the country.

Industrial leasing is one of the company’s four segments, the others being mall, office, and hotel. Mr. Sia earlier said the company will generate P10.52 billion in sales and rental income from these four units in 2019.

DoubleDragon, which is led by Mang Inasal founder Mr. Sia and JFC founder Tony Tan Caktiong, is ramping up its expansion to have 1.2 million sq.m. an overall leasing spaces by next year. This will include 100 CityMalls, 5,000 hotel rooms under the Hotel101 and JinJiang Inn Philippines brands, and eight industrial hubs.

DoubleDragon generated a net income attributable to the parent of P966.02 million in the first nine months of 2018, 19% higher year-on-year, following a 16% uptick in gross revenues to P4.72 billion.

2019 SMP Charity/Tsinelas & School Supplies Donation Drive link

1-15 release lang ito, walang epekto sa presyo ni DD Tongue

CityMalls partners with WWF-Philippines

CITYMALL Commercial Centers, Inc. (CityMall) teamed up with the World Wide Fund for Nature (WWF) Philippines to support the latter’s renewable energy efforts.

In a disclosure to the stock exchange on Monday, the subsidiary of DoubleDragon Properties Corp. said it signed a memorandum of agreement with WWF-Philippines to “help boost projects that promote and demonstrate renewable energy use, low carbon development in cities, and sustainable consumption and production.”

CityMalls committed to promoting WWF-Philippines campaigns such as “Seize Your Power” and “Earth Hour,” and other climate mitigation and adaptation initiatives at its community malls around the country.

“Climate change remains to be a vital issue that affects us in so many ways. We need all the help that we could get in order to ensure that we proactively contribute to global climate actions while we work on making the Philippines a climate-resilient nation where both people and nature thrive,” WWF-Philippines President and CEO Joel Palma was quoted as saying in a statement.

CityMalls has already installed solar power facilities in some malls, in partnership with Solar Pacific CitySun Corporation. Its community malls also use LED lights, modern waste treatment facilities, rainwater harvesting systems and green fans.

“DoubleDragon’s CityMalls are designed and built with above par quality that integrates green technology in line with our efforts of promoting sustainable development,” DoubleDragon Chairman Edgar J. Sia II said in the same statement.

2019 SMP Charity/Tsinelas & School Supplies Donation Drive link


DoubleDragon bullish on prospects for 2019

DOUBLEDRAGON Properties Corp. is bullish on the company’s prospects this year, the property firm sees strong demand for its hotels and industrial warehouse facilities.

Hannah Yulo, chief investment officer of DoubleDragon, said the developer is on track to meet its target of having 1.2 million sq.m. in overall leasing spaces by 2020. This includes 100 CityMalls, 5,000 hotel rooms under Hotel101 and JinJiang Inn and eight industrial projects under CentralHub.

“We’re finishing 800,000 square meters (sq.m.) of leasable space by the end of this year, and then 1.2 million sq.m. by the end of next year, which is our 2020 plan… We’re still on track to meet all of our goals and… We’re actually doing very well in terms of our yields, especially in the office, our growing retail group and industrial hub. We are seeing a lot of clients… a lot of demand for industrial warehouse facilities as well as our hotels,” Ms. Yulo told reporters after an event in Manila on Jan. 16.

She said the Hotel101 brand has continued to perform well.

“Not only in the occupancy rates but also in our sales for Hotel101 Fort… Now, we only very few units left, so it has been overwhelming. We thought we’d take two years to sell it. Looks like its going to be more like one year,” Ms. Yulo said.

Of its 5,000-hotel room target, 4,000 will be under the Hotel101 brand and the rest under JinJiang Inn.

Ms. Yulo said the JinJiang Inn chain caters mainly to the Chinese market.

“It’s really such a niche market… especially because with all of the influx of the Chinese companies coming to the Philippines. A lot of these Chinese companies really want to make sure that they are spending their money in Chinese brands, as well… That’s why it’s very specific,” she said. 

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