Listed DoubleDragon Properties Corp. has signed an agreement with Jollibee Foods Corp. (JFC) to build a 40-story office and commercial tower in the central business district of Ortigas.
The project, dubbed as the Jollibee Tower, will sit on a 3,002-square meter prime property owned by JFC at the corner of F. Ortigas Jr. Road and Garnet Road in Ortigas Center.
The tower’s ground floor will include commercial spaces and a drive-thru provision, while an event center will be located at the second and third floors. Selected floors will be used by JFC as their offices while the rest of the floors will be leased out to other corporate and business process outsourcing (BPO) companies.
DoubleDragon said the building will also include sufficient parking levels to fully service the requirements of its occupants.
It also said that the tower will be designed as a Grade A structure and is expected to secure Leadership in Energy and Environmental Design (LEED) certification.
“The exterior of the building will be made of double-glazed glass curtain wall for increased energy efficiency and the structure is poised to become one of the most prominent landmarks in the Ortigas Center skyline,” said DoubleDragon.
Construction is set to begin in the fourth quarter of 2015 while project completion is expected within 2018. Once fully occupied, the building is set to generate about P350 million in annual rental revenues for DoubleDragon.
In a disclosure posted on the Philippine Stock Exchange website, JFC said it will receive from DoubleDragon office, commercial and parking units in exchange for JFC’s 3,002-square meter lot.
Meanwhile, the property developer said that the Jollibee Tower project “completes the land needed to build DoubleDragon’s targeted 300,000 square meters of leasable commercial and office space in Metro Manila.”
It added that it is “accumulating another 700,000 square meters of leasable retail space through the rollout of its 100 CityMalls across the provincial areas of the Philippines.”
The property developer is targeting P1 billion net income by 2016 and P4.8 billion net income by 2020. It also aims to accumulate 1 million square meters of leasable space by 2020.