DoubleDragon sees P5.2B in revenues from RCBC-foreclosed property on EDSA

The firm jointly owned by Jollibee Foods Corp. chairman Tony Tan Caktiong and business partner Edgar “Injap” Sia II expects to book P5.2 billion in revenues from a 38-storey building formerly owned by the controversial Globe Asiatique Realty Holdings Corp. 

 

In a disclosure to the Philippine Stock Exchange, DoubleDragon Properties Corp. said it signed an agreement with Rizal Commercial Banking Corp. (RCBC) for The Skysuites Tower, after the completion of due diligence.

 

DoubleDragon will resume construction – and sell the remaining inventory of the residential units – as well as re-launch and re-brand the project this year. The property developer will also retain the commercial and office spaces for recurring income.

 

"The project is expected to contribute a total of P5.2 billion in revenues and will significantly contribute to the company's net income starting in the second half of 2014," the disclosure read.

 

The Skysuites is a commercial, office and residential tower on 2,811.60 square meters of prime property at the corner of EDSA and Quezon Avenue.

 

Formerly owned by businessman Delfin Lee's Globe Asiatique, the project was foreclosed by RCBC in September 2010 and the land title was transferred to the bank in December that same year. 

 

Lee was arrested last March in connection with a P6.6-billion estafa complaint involving ghost borrowers in housing loans from the state-run Pag-IBIG Fund – a housing loan scheme for private sector employees.

 

DoubleDragon targets P1 billion in net income by 2016 and P4.8 billion by 2020, largely from recurring income of the 1 million square meters of commercial and office leasable space in its portfolio.

 

DoubleDragon 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. 

 

The property developer was incorporated as Injap Land Corporation in 2009 and renamed DoubleDragon after Sia and Tan Caktiong shook hands over the joint venture in 2013. It was listed on the Philippine Stock Exchange last April 7. – Danessa O. Rivera/VS, GMA News