DoubleDragon acquires foreclosed Globe Asiatique project
MANILA, Philippines - DoubleDragon Properties Corporation has taken over a foreclosed property owned by Globe Asiatique of controversial businessman Delfin Lee.
DoubleDragon, the joint venture of Jollibee and Mang Inasal founders, signed an agreement to acquire The Skysuites Tower from Lee's creditor Rizal Commercial Banking Corporation (RCBC) Monday, September 1.
The 38-story residential, office and commercial skyscraper sits on a 2,811-square meter prime lot at the corner of EDSA and Quezon Avenue in Quezon City, a few meters away from the Metro Rail Transit 3.
The project was designed to have two towers, with a commercial and parking podium connecting them. It will have 4 loft styles – each having its own set of high-class features.
The Skysuites Tower was foreclosed by RCBC in 2010. It was owned by Globe Asiatique of Lee, who was arrested in March over syndicated estafa charges. Lee was accused of using ghost borrowers to obtain P6.6 billion worth of loans from the Pag-IBIG Fund in 2009.
DoubleDragon said it would continue both the construction and sale of the project, but it would "retain the commercial and office spaces for recurring rental income."
The company expects the project to contribute P5.2 billion in revenues, and contribute to net income starting in the second half.
"DD aims to relaunch and rebrand the project within 2014 and DD will make the project one of the most iconic and prominent landmarks along EDSA," it said.
DoubleDragon is a joint venture between Injap Investments of Mang Inasal founder Edgar "Injap" Sia II, and Honeystar Holdings Corporation of Jollibee founder Tony Tan Caktiong. – Rappler.com