DoubleDragon Properties Corp. is scheduled to complete two office buildings within its 4.75-hectare mixed-use development DD Meridian Park at the Bay Area in Pasay City toward the end of 2018
DoubleDragon said in a disclosure to the stock exchange the two towers”•DoubleDragon Center West and DoubleDragon Center East”•will add another 35,752 square meters of leasable office space to the 138,503 sqm already completed in DD Meridian Park.
“As we complete more projects nationwide, our rental revenues will continue to grow exponentially quarter on quarter. DoubleDragon is now starting to harvest from the seeds that it has been planting around the country in the last four years”, said DoubleDragon chairman Edgar Sia II.
DoubleDragon also broke ground on DD Meridian Tower located also within the DD Meridian Park.
DD Meridian Tower, which will be the company’s ninth building, will house eight office towers and one luxury serviced apartment building. The planned mixed-use tower is slated for completion in 2020.
The first phase of DD Meridian Park, involving four office towers, is already 100-percent leased to date and is expected to house over 20,000 employees of tenants by the end of the year.
Once fully developed, DD Meridian Park is expected to house over 50,000 employees by 2020.
The company plans to complete a leasable portfolio of 1.2 million sqm by 2020 comprising of 700,000 square meters from 100 CityMalls, 300,000 sqm from its Metro Manila office projects,100,000 sqm from the planned 5,000 hotel rooms and another 100,000 sqm of industrial space from several CentralHub sites across Luzon, Visayas and Mindanao.
Meanwhile, DoubleDragon chief investment officer Hannah Yulo said the company remained generally unaffected by the current rising interest environment in the country as all its corporate notes and retail bonds had fixed interest rates for seven to 10 years.
“The company also has no US dollar exposure with all fund raises being peso denominated. More importantly, we have no key maturities on our corporate notes until 2021. By then annual cashflows from our portfolio of 1.2 million square meters of leasable space should be more than sufficient to cover the principal due,” Yulo said.