DoubleDragon Properties Corp. has secured the approval of the Philippine Stock Exchange (PSE) to list P10 billion of preferred shares, the company said on Monday.
“The 100,000,000 preferred shares with a par value of P100 per share equivalent to P10 billion will soon be listed on the Exchange,” DoubleDragon said in a disclosure to the PSE.
Double Dragon noted the cash proceeds from the share sale will be used to fund the developments of core projects such as the CityMall commuity malls and office projects such as the Jollibee Tower and DD Meridian Park.
“This string of appreciating assets spread out across the country is expected to provide strong and steady annual cashflows for the company and will strengthen its goal in becoming one of the largest and strongest property developers in the Philippines,” DoubleDragon noted.
In the same disclosure, DoubleDragon said it has secured 50 sites for CityMall developments. It plans to roll out 100 malls by 2020.
“The company is simultaneously constructing another twenty-four CityMalls across different provincial parts of the country in line with its goal to soon dominate the community mall industry in the Philippines,” DoubleDragon said.
The firms also targets to develop one million square meters of leasable space by 2020.
It has started leasing office space at DD Meridian Park, its flagship office project in Metro Manila. It has signed agreements with real estate leasing companies such as CB Richard Ellis, Leechiu Property Consultants, KMC Mag Savills and Colliers International.
At present, DoubleDragon said it has secured over two-thirds of the prime land it needs to meet its one million square meters of leasable space in the retail and office sector by 2020.