Developer DoubleDragon Properties Corp. said it expects to complete the once-mothballed Skysuites Corporate and Residential Towers in Quezon City by next year, and has pre-sold nearly half of the 977 residential units.
The project located at the corner of Edsa and Quezon Ave. in Quezon City consists of two towers, a 39-story circular residential tower, and a 26-story corporate tower with a curved façade, connected by a five-story podium housing retail and commercial space, as well as two parking levels.
“The [structure]of the 26-story corporate tower has already been topped off while the 39-story residential tower is still under construction. The project is expected to be completed by year 2018,” DoubleDragon said.
“Of the 977 residential units, 476 units have been sold with a total value of P1.8 billion while there still remains 501 residential units worth P3.1 billion for sale,” it added.
The distinctive building was originally started by Globe Asiatique in 2007 and was then known as the G.A. Sky Suites. Construction was halted in September 2010, however, when Rizal Commercial Banking Corp. (RCBC) foreclosed the property in the wake of criminal charges being lodged against Globe Asiatique owner Delfin Lee in a P6.6-billion fraud case. RCBC took over the title to the building in December 2010.
The partially completed project sat idle until September 2014, when DoubleDragon acquired the property from RCBC and resolved to complete it.
Residential units in the Skysuites Towers range in size from 41 square meter studios to 117 square meter three-bedroom units, and have an approximate price range of P5.13 million to P16.38 million.
The key selling point for the Skysuites Towers is its location at the major crossroads of Edsa and Quezon Avenue. The property is connected to the Quezon Ave. MRT station via pedestrian footbridges, as well as the nearby Centris Station shopping mall.
The development also includes 18 commercial units and 28 corporate units of various sizes, which DoubleDragon said it would retain as a source of recurring lease income.
DoubleDragon Properties Corp. is a joint venture between Injap Investments Inc. headed by Edgar “Injap” Sia II, founder of the Mang Inasal grilled chicken restaurant chain, and Tony Tan Caktiong, chairman and founder of Jollibee Foods Corp. Focusing mostly on commercial development, its key projects include the CityMall chain of provincial shopping centers, the 4.75-hectare DD Meridian Park commercial block near the Mall of Asia, and the Jollibee Tower, a 41-story commercial and office tower being built in Ortigas.