PROPERTY developer DoubleDragon Properties Corp. said it expects to generate P5.2 billion in revenues from The Skysuites Tower, which the company has just fully acquired.
In a statement, the company said it has completed the acquisition of The Skysuites Tower after the 90-day due diligence period.
“The project is expected to contribute P5.2 billion in revenues and will significantly expand the company’s net income starting on the second half of 2014,” DoubleDragon said.
The 38-storey Skysuites Tower is a 2,811.60-square meter (sqm) prime commercial, office and residential building at the corner of Epifanio delos Santos Avenue (EDSA) and Quezon Avenue, which is a few meters away from the MRT North station. The two skyscrapers offer four loft style units: the Podium Loft, Garden Loft, Sky Loft and Premier Loft.
DoubleDragon is set to relaunch and rebrand the tower within the year, which will be the company’s grand project along EDSA.
“This exceptional structure as designed will have two towers, a semi-circular residential tower and a curvilinear office tower with a commercial and parking podium that connects the two towers,” the company said.
The firm’s net income rose by 526 percent to P84.3 million in the first half of the year from P13.4 million during the same period last year.
Despite posting a remarkable growth in the first six months of the year, however, DoubleDragon is still far off from its P525 million net income target for whole of 2014.
The company, together with its community malls unit CityMall Commercial Centers Inc. (CMCCI), has been in acquisition mood in the second quarter.
DoubleDragon’s acquisitions include a 70 percent stake in Western Visayas-based real estate developer Zion Land Development Ph Inc., and the 4.5-hectare Pasay City lot for The Meridian Park project, which will be completed in 2020.
CMCCI, on the other hand, acquired four land areas to be developed as community malls under the CityMalls brand: one in Roxas City, Capiz which will be operational by December, two in Zamboanga City, and a 1.02-hectare land in Consolacion, Cebu City.
The CMCCI projects include the construction and completion of 20 CityMalls by end-2015 and 100 CityMalls by 2020, mostly in Visayas, Mindanao, Northern Luzon, Bicol, Mindoro, and Palawan.
With these projects in the pipeline, DoubleDragon is aiming for a P1 billion net profit in 2016 and P4.8 billion in 2020.
DoubleDragon targets to raise gross leasable spaces to 1 million square meters (sqm) by 2020, in which 700,000 sqm will come from the 100 CityMalls; 200,000 sqm from The Meridian Park project; and the 100,000 sqm from other existing and near-term developments.
The company has five subsidiaries: Zion Land, DoubleDragon Sales Corp., One Eleven Property Management Corp., Piccadilly Circus Landing Inc., and CMCCI.
DoubleDragon 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.