Friday, May 11, 2018

DoubleDragon Properties keen on doubling recurring income

DoubleDragon Properties, a listed property development firm, is keen on increasing its recurring income stream to as much as 90% by 2020. This was revealed during the recent launch of Hotel 101-Fort, the newest addition to their growing hotel portfolio that’s presently under construction in Taguig.

This comes on the heels of P2.53 billion net profit posted last year, up by 71.8 percent from the previous year, boosted by higher recurring profits with rental revenues growing by 238.4 percent to P909.2 million or 19.8 percent of total revenues.

“Our target for 2020 is to have 1.2 million square meters of leasable space,” said DoubleDragon chief investment officer Hannah Yulo. “We’re very focused on 2020 target and its 5.5 billion net income target by 2020 because our main focus is to deliver the leasable space in the portfolio of DoubleDragon.”

To achieve this target, Yulo also shared that the company expects to derive recurring revenues from its hotel management arm, Hotel of Asia, Inc., which manages Hotel 101 and Jinjiang Inn, as well as through its newest venture, CentralHub, its industrial leasing subsidiary offering standardized multi-use warehouses for commissaries, logistics, and cold storage facilities. 

Hotel 101-Fort is a 33-storey business and leisure hotel set on a 1,224 sq. m. lot. Hotel 101-Fort houses a total of 609 units. The unit owner’s share in revenue is 30% of gross revenues.

DoubleDragon also aims to ramp up its CityMall brand by building 100 malls in the provincial areas and to expand its Metro Manila office leasing portfolio, which includes the DD Meridian Park in the Bay Area and Jollibee Tower in Ortigas, with the latter set to be completed by end of 2018.

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