DoubleDragon Properties Corp. said Monday it is set to achieve its target of 1.2 million square meters of gross leasable space this year.
DoubleDragon said in a disclosure to the stock exchange it completed phase 3 of CentralHub-Tarlac which would provide additional 10,646 sq. m. of leasable space.
The company said the 1.2 million sq. m. of gross floor area is equivalent to 120 hectares or 12.9 million square feet of building gross floor area. These hard assets were acquired and constructed in the last seven years.
"Given the progress that the DoubleDragon team has made despite all the challenges that came its way being a new player in a highly competitive, prohibitive and mature industry, we expect to work towards reaching DoubleDragon's principal strategic goal of P120 billion in total equity by 2030, coming from its total equity of P59.23 billion as of March 31, 2021” DoubleDragon chairman Edgar Sia II said.
"Our whole team will continue to be relentless in our pursuit to make all the business units and brands under MerryMart and DoubleDragon a well-loved household brand serving well all its stakeholders and for both to become major contributor to our economy in the years to come," said Sia.
From its original target of having 1 million sq. m. of leasable space by 2020, DoubleDragon in 2017 increased its GLA target to 1.2 million by 2020 under its four pillars of growth: provincial retail leasing, office leasing, industrial leasing and hotels.
The completion of this plan was delayed to 2021 because of the pandemic.
DoubleDragon said its real estate portfolio was expected to become its first core pillar as it is in the process of transforming into a holding company that will invest in relevant industries with high-growth potential.
The company in April proposed to change its corporate name to DoubleDragon Corp.
The share price of DoubleDragon closed unchanged at P10.30 Monday.