Jollibee owner’s property firm to develop mixed-use project in Pasay

MANILA, Philippines – A mixed-use development consisting of an office building, commercial complex, and service apartments will rise in Pasay as DoubleDragon Properties Corporation signed an agreement to develop a 4.75-hectare property in the city.

In a disclosure to the Philippine Stock Exchange Monday, June 2, DoubleDragon said it signed a joint venture agreement with Carto Meridian Development Corporation for a project called “The Meridian Park” at the corner of EDSA and Macapagal Avenue near the SM Mall of Asia in Pasay.

The themed, mixed-use complex is envisioned to be one of the most iconic and prominent landmarks in the area.

“Once the whole development is completed, it will have about 334,000 sqm of total floor area and is expected to generate over P1.16 billion in annual rental revenues for the joint venture company,” said DoubleDragon, owned equally by Jollibee Foods Corporation chairman Tony Tan Caktiong and businessman Edgar “Injap” Sia II.

Under the agreement, DoubleDragon will have a 70% stake in the joint venture. DoubleDragon said it would launch the master plan and start construction of the first phase by the last quarter of the year. The whole 4.75-hectare project will be completed by 2020.

The first phase of the project, called the “DoubleDragon Cyber Campus,” will have a total of about 9.02 hectares of floor area. The building will be leased out to outsourcing companies and will have commercial retail space at the ground floor. This phase is expected to generate 12,000 jobs.

The mixed-use project is aligned with DoubleDragon’s target to reach one million total leasable space portfolio by 2020, of which 70 hectares would be allotted for community malls.

DoubleDragon listed its shares on the Philippine Stock Exchange only last April. Since its listing, the company has made several acquisitions, including a 70% interest in an affordable housing developer based in the Western Visayas, a 5-story tiangge shopping mall in Divisoria, Manila, and two community malls in Zamboanga City. Over the next 5 years, the property firm plans to build 100 community malls.

DoubleDragon also plans to acquire the 38-storey residential and office tower of Globe Asiatique Realty Holdings Corporation that was foreclosed by Rizal Commercial Banking Corporation. – Rappler.com