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Friday, March 29, 2024

DoubleDragon breaks ground on Iloilo warehouse

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DoubleDragon Properties Corp. broke ground on its planned industrial warehouse facility in Iloilo City.

DoubleDragon said in a disclosure to the stock exchange unit CentralHub Industrial Centers Inc. held the groundbreaking ceremony for the CentralHub-Iloilo on a 3.9-hectare property in Iloilo province along the national highway leading to the Iloilo International Airport from the Iloilo City proper. 

“We believe that the industrial leasing segment presents significant growth opportunities for DoubleDragon as the current market supply is very traditional and fragmented and with growth now flowing into second and third-tier cities demand for industrial space has risen considerably,” DoubleDragon chairman Edgar Sia II said.

“Today, there are no large-scale nationwide providers of industrial space, similar to our strategy in the expansion of CityMall, we intend to dominate this segment in the near-term,” he added.

Aside from e-commerce businesses that will soon require facilities such as CentralHub, Sia said affiliates and the tenants of the CityMalls were natural users of the company’s warehouse facilities.

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The newly-acquired location in Iloilo is the second CentralHub complex of DoubleDragon following CentralHub-Tarlac, which is currently under construction. The first phase of CentralHub-Tarlac will be completed and ready for turnover to tenants this month.

Each CentralHub site will contain modern standardized multi-use warehouses suited for commissaries, cold storage, light manufacturing and logistics distribution centers.

DoubleDragon has envisioned CentralHub to become the leading provider of industrial warehouses in the Philippines through the development of its first eight CentralHub sites by 2020.

The first eight CentralHub sites, which will be located in North Luzon, South Luzon, Visayas, and Mindanao, are expected to have an initial 100,000square meters of built-up leasable industrial space.

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