DoubleDragon plans to list 4 subsidiaries under REIT

Double Dragon Properties Corp., the listed property giant, plans to list all its four major subsidiaries under the REIT landscape. REIT or Real Estate Investment Trust is a specialized company that earns income through its real estate properties. The income trickles down to shareholders in the form of dividends. The Philippine Stock Exchange and the Securities and Exchange Commission (SEC) are now laying the groundwork for new and more investor-friendly rules that would finally pave the way for REIT listings in the stock market. “We aim for products like the REIT to be launched soon,” said PSE chairman Jose Pardo.  With this, DoubleDragon chairman Edgar “Injap” Sia said the company is considering listing its four major subsidiaries as REIT. “In DoubleDragon’s case, all our four major subsidiaries focused on provincial retail leasing, office leasing, hotels and industrial warehouses are good candidates for REIT listing as they are all real estate assets that generate recurring income,” Sia said in an interview. He said DoubleDragon’s four subsidiaries could do REIT listing separately because investors normally have a specific sub-industry within the property sector that they prefer to invest in. DoubleDragon’s subsidiaries are CityMalls Commercial Centers Inc. for provincial retail leasing; DD Meridian Park Development Corp for office leasing; Hotel of Asia Inc. for hotels; and Central Hub for industrial leasing.  Sia said there are many benefits of a REIT listing.


DoubleDragon Properties Corp. is a newly listed real estate company led by its Chairman Edgar “Injap” Sia II (founder of Mang Inasal) and the Co-Chairman Tony Tan Caktiong (founder of Jollibee). Having achieved a market capitalization of over $2 Billion in less than two years from IPO, it is now one of the top 5 listed companies on the Philippine Stock Exchange in terms of market capitalization. The Company’s Vision is to accumulate 1 Million square meters of leasable space by 2020. 700,000 square meters of leasable space will be coming from the rollout of 100 community malls in the provincial areas of the Philippines under its subsidiary “CityMall” which is a partnership with SM Investments Corporation. CityMall is poised to become the largest independently branded community mall chain in the country. The balance of 300,000 square meters of leasable space will be coming from two office projects in Metro Manila, namely DD Meridian Park in the Bay Area and Jollibee Tower in Ortigas CBD. The Company’s flagship project in Metro Manila is DD Meridian Park, a 4.8 hectare prime commercial block located in the growing central business district of the Bay Area along the corners of Roxas Blvd., EDSA and Macapagal Ave. The first phase, DoubleDragon Plaza, which consists of four BPO Towers on top of a retail podium is currently under construction and slated for completion by 2018. DD Meridian Park, once fully built, will contribute 280,000 square meters of leasable space to DoubleDragon’s portfolio.

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