DoubleDragon Plaza seen leased out by Q4

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DEVELOPER DoubleDragon Properties Corp. said on Monday it expects DoubleDragon Plaza, the first phase of its flagship office and commercial block in the Bay Area, to be fully leased out by the last quarter of this year and contribute more than P1.2 billion in revenues in 2018.

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“The Company expects to fully lease out DoubleDragon Plaza prior to completion, which will allow it to contribute over P1.2B in estimated full year leasing revenues in 2018,” Double Dragon (DD) said in a disclosure to the Philippine Stock Exchange (PSE).

DoubleDragon Plaza is expected to be operational within the last quarter of this year, according to the company.

The company said 53,848 square meters of office space have already been taken up in DoubleDragon Plaza “owing to its exceptional location near Mall of Asia on the corners of Roxas Blvd., EDSA Extension and Macapagal Ave.”

Meanwhile, DoubleDragon said that 10 CityMalls are scheduled to open within the next three months in SCTEX Southbound, Tarlac City, Dau-Pampanga, Goldenfields-Bacolod City, Dumaguete City, Koronadal City, Calamba City, Sta. Rosa-Nueva Ecija, Passi City and Danao City.

The company currently has 15 operational CityMalls nationwide. It said another batch of CityMalls are scheduled to open by the last quarter of this year.

As of the end of the first quarter of this year, DoubleDragon reported total assets of P49.72 billion. It said total revenues during the period increased 111 percent year-on-year to P649 million on the back of a strong take-up in real estate sales.

DoubleDragon said its first quarter net income was 279 percent higher than a year ago, without disclosing the actual amount. In its quarterly financial report to the PSE last year, the company reported net income of P43.66 million in the first quarter.

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