DoubleDragon, Carto Meridian enter deal to develop The Meridian Park

DoubleDragon Properties Corp. has signed a deal to jointly develop a 4.75-hectare property in Pasay City into a mixed-use development, allowing it to meet its 1-million square meter total leasable space portfolio by 2020. 

 

In a disclosure to the Philippine Stock Exchange Monday, DoubleDragon said it signed a memorandum of agreement with Carto Meridian Development Corp. involving "The Meridian Park" at the corner of EDSA and Macapagal Avenue in Pasay City.

 

Under the agreement, the two companies will form a joint venture, with DoubleDragon owning 70 percent and Carto Meridian 30 percent.

 

DoubleDragon aims to build a complex of office buildings, commercial spaces and serviced apartments, and when completed, will have about 334,000 square meters in total floor area and generate over P1.6 billion in annual rental revenues by 2020.

 

The goal is in line with the target of 1 million square meters of leasable space in six years, with 700,000 square meters coming from the CityMall developments.

 

"DD aims to launch the masterplan and start construction of the first phase of the project by the last quarter of this year and aims to fully complete the whole 4.75 hectare development by year 2020," the disclosure read.

 

The first phase – to be called DoubleDragon Cyber Campus – is a building with a gross floor area of 90,200 square meters, mainly catering to business process outsourcing (BPO) companies. The building will also have commercial retail spaces at the ground floor.

 

DoubleDragon is jointly owned by Jollibee Foods Corp. chairman Tony Tan Caktiong and business partner Edgar “Injap” Sia II.

 

It is the second business venture of Sia and Tan Caktiong after Jollibee Foods bought a 70 percent stake in Mang Inasal for P3 billion in 2010. Sia kept a 30-percent interest in the grilled chicken restaurant chain which he founded. – Danessa O. Rivera/VS, GMA News