We Expect Big Things from Double Dragon Properties Corp.
How They Started?
DoubleDragon Properties Corp., formerly Injap Land Corporation, was established on December 9, 2009 to primarily engage in the business of real estate development and other real estate-related business ventures. The Company started commercial operations in November 2010. DD was originally 100%-owned by Injap Investments, Inc., a holding company owned by the Sia family. In June 2012, DD became a joint venture between IJI and Honeystar Holdings Corporation, the holding company of the Tan and Ang families. The Securities and Exchange Commission approved the Company's change in name to its present one on August 1, 2012.
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As of December 31, 2013, DD holds 100% interest in DoubleDragon Sales Corp. and One Eleven Property Management Corp. The Company also owns 50% of Piccadilly Circus Landing Inc. (PCLI), with the Aryanna Group holding the other 50%. PCLI was the company behind the development of the Umbria Commercial Center in Biñan, Laguna. On February 17, 2014, DD and SM Investments Corporation (SM) signed an investment and shareholders' agreement wherein the former increased its shareholdings and the latter subscribed to shares in CityMall Commercial Centers, Inc., resulting in ownership of 66% and 34%, respectively.
DD's projects are mostly located in Iloilo City, particularly the People's Condominium, FirstHomes Subdivision, Injap Tower, and The Uptown Place. The Company also owns the W.H. Taft Residences project in Manila after taking over the development from Philtown Properties, Inc. on November 7, 2012. DD also entered into a joint venture agreement with the City Government of Iloilo to establish a ferry terminal that will link the City of Iloilo to the Island of Guimaras.
Fast Becoming A Name in the Real Estate Industry
Double Dragon Properties grew its six-month net profit by 47 percent year-on-year to P124 million as the company started to unlock values from two residential projects in the metropolis.
For the second quarter alone, DoubleDragon’s net profit rose to P88 million from P63 million in the previous year.
Total revenue for the first semester expanded by 57 percent year-on-year to P612 million on the back of sales recognized from WH Taft Residences which is near the La Salle University campus on Taft and The Skysuites Tower, on Edsa corner Quezon Avenue. The latter is expected to be completed by 2018.
By 2020 when it would have achieved its goal to develop a million square meters of leasable space, DoubleDragon expects to generate P4.8 billion in annual net income. By 2016, it expects to have built enough commercial assets to breach the P1-billion mark in net profit.
In the meantime, DoubleDragon opened its first shopping mall in Luzon under the CityMall brand chain along Aguinaldo Highway at Anabu in Imus, Cavite. The first five CityMalls are now operating.
The CityMall brand is envisioned to become the largest branded community mall player in the Philippines. At present, 20 additional CityMalls are being constructed across the country and are expected to be turned over to tenants by the end of this year.
The chain is expected to have 30 malls operating by 2016.
DoubleDragon has secured a 32 locations for this business to date, in line with vision to have 100 malls by 2020.
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