DoubleDragon Properties Corp. said Wednesday it will spend P4.8 billion to develop 100,000 square meters of industrial leasing space and 5,000 hotel rooms across the country by 2020.
DoubleDragon president Edgar “Injap” Sia Jr. said at the sidelines of the annual stockholders’ meeting funding for the new ventures would primarily come from the planned share sale worth up to P7.5 billion before the end of the year.
Sia said DoubleDragon was set to open before the end of the year its first industrial leasing hub at a one-hectare lot within Luisita Industrial Park in Tarlac province.
Under the plan, DoubleDragon will build two industry hubs each in northern Luzon, souther Luzon, the Visayas and Mindanao.
These industrial hubs will cater to fast-food companies that are looking for commissaries and cold storage facilities. It will also target manufacturing firms and logistics firms looking for warehouse facilities.
The group is also looking to build 5,000 hotel rooms across the country under the Jin Jiang and Hotel I01 brands.
The remaining P2.7 billion in proceeds from share sale will be allocated for land banking activities to support future expansion.
DoubleDragon said it was in talks with foreign and local underwriters to handle the deal. Aside from raising fresh capital to finance new ventures, DoubleDragon said the share sale would also enable the company to attract foreign institutional investors.
This will also enable the company to achieve its goal to be a part of the 30-company benchmark Philippine Stock Exchange index over the next two years.
DoubleDragon set a target to complete 1.2 million square meters of leasable space by 2020. It currently has 20 CityMalls that are operational and 25 more are currently under construction.
