Double Dragon Properties Corp. teamed up with Ascott Limited of Singapore to build a five-star serviced apartment in the former’s 4.8-hectare property in Pasay City.
DoubleDragon said in a disclosure to the stock exchange its unit signed an agreement with Ascott to develop a 300-room luxury apartment called Ascott-DD Meridian Park Manila at Bay Area on the corner of Macapagal Ave. and Edsa Extension.
Ascott-DD Meridian Park Manila is set to break ground within the year and is slated for completion by 2020.
DoubleDragon said the location is very ideal given its close proximity to the Manila domestic and international airport, the Department of Foreign Affairs, Mall of Asia and Entertainment City.
“The development of Ascott-DD Meridian Park Manila is the third phase of the complex and is expected to further enhance the profile of the entire development and meaningfully contribute to the recurring revenues of DoubleDragon,” the company said.
The 4.8-hectare DD Meridian Park will consists of eight towers with a combined 230,000 square meters of leasable space.
The first phase including four towers called DoubleDragon Plaza is set to be completed by the fourth quarter of 2017, while the second phase called DoubleDragon Center-East and DoubleDragon Center-West is expected to be completed by the fourth quarter of 2018.
Ascott Limited is one of the leading international service residence owner-operators in the world with more than 300 properties in over 100 cities spanning more than 25 countries across the Americas, Asia Pacific, Europe and the Middle East. Ascott is a member of CapitaLand, one of Asia’s largest real estate companies. Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth more than S$78 billion as of March 31, 2017.
Ascott currently manages seven serviced residences in Manila and one in Cebu, making Ascott the largest international serviced residence operator in the Philippines with more than 1,600 apartment units. These include Citadines Millennium Ortigas Manila which is slated to open in 2017 and Ascott’s first property in Cebu - Citadines Cebu City that is scheduled to open in 2019.