REAL estate developer Double Dragon Properties, Inc., through its subsidiary DD-Meridian Park Development Corp., said on Monday it has signed a joint venture agreement with Ascott Limited to develop a five-star luxury serviced apartment in Pasay City.
DoubleDragon told the Philippine Stock Exchange (PSE) the project will be the third phase of its flagship project DD Meridian Park located at the Bay area at the corners of Macapagal Ave. and EDSA Extension in Pasay City.
Dubbed the Ascott-DD Meridian Park Manila, the project will sit on a 5,567 square meter (sqm) lot within the 4.8 hectare complex. It is expected to have over 300 luxury serviced apartment units.
“The location of the upcoming Ascott-DD Meridian Park Manila is very ideal for the project given its close proximity to the Manila Domestic and international airport, Department of Foreign Affairs, Mall of Asia and the Entertainment City,” DoubleDragon said.
The project will consist of eight towers that are expected to have about 230,000 sqm of leasable space.
Construction is set to break ground within the year and is expected to be completed by 2020.
The first phase, with four towers named DoubleDragon Plaza, is set to be completed by the last quarter of this year, while the second phase, DoubleDragon Center-East and DoubleDragon Center-West, is expected to be completed by the last quarter of 2018.
The development of Ascott-DD Meridian Park Manila is the third phase of the complex and is expected to further enhance the profile of the entire development and meaningfully contribute to the recurring revenues of DoubleDragon, the company said.
Ascott Limited is one of the leading international service residence owner-operators in the world, with more than 300 properties in over 100 cities spanning more than 25 countries across the Americas, Asia Pacific, Europe and the Middle East.
It is a member of CapitaLand, one of Asia’s largest real estate companies.
Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth more than S$78 billion (P2.8 trillion, $56.4 billion) as of March 31, 2017.