DoubleDragon to become investment holding company; subsidiaries seen to go public

DoubleDragon Properties Corp. on Wednesday announced plans to eventually become an investment holding company, with its subsidiaries planned to go public.

"We envision DoubleDragon to soon become an investment holding company with several subsidiaries in multiple sunrise industries," DoubleDragon chairman Edgar "Injap" Sia II said in a regulatory filing.

"As the ultimate parent company, it will usher its subsidiaries to eventually conduct IPOs (initial public offerings) one by one when the right time comes," he elaborated.

DoubleDragon counts as subsidiaries DDMP Reit Inc., DoubleDragon's subsidiaries include DoubleDragon Sales Corp., DoubleDragon Property Management Corp., DD Happyhomes Residential Centers Inc., DD-Meridian Park Development Corp., CityMall Commercial Centers Inc., Piccadilly Circus Landing Inc., Iloilo-Guimaras Ferry Terminal Corp., CentralHub Industrial Centers Inc., DD Meridian Tower Corp, and Green Coast Development PH Corp., and Hotel of Asia Inc.

"Hotel of Asia's Hotel 101 will be one of the driving forces of DoubleDragon's core growth in real estate which is the first industry leg it has formed," said Sia.

DoubleDragon said it is set to generate P11.03 billion in sales revenues for the three hotel projects of Hotel 101 set to launch this year.

The company is set to launch pre-selling activities in three new Hotel 101 projects -- Hotel 101-Cebu; Hotel 101 Resort-Boracay; and Hotel 101-Libis -- which will add 2,251 new rooms to its hotel portfolio.

DoubleDragon generates revenue and income twice from its Hotel 101, first from the pre-selling of the condotel and secondly from hotel operations once the project is completed.

"As far as we are aware, Hotel 101 is the only hotel concept of its kind in the world, the patent documents for Hotel 101's unique and pioneering concept has already been filed," said Sia.

DoubleDragon's core projects include CityMall, DD Meridian Park, Jollibee Tower, The SkySuites Tower, Dragon8 Mall, and W.H. Taft Residences. It also has projects in Iloilo such as Injap Tower, The Uptown Place, People's Condominium, FirstHomes Subdivision, and HappyHomes - Mandurriao.

Shares in the company opened Wednesday at P13.06 apiece, unchanged from Tuesday's finish. — RSJ, GMA News