DoubleDragon takes over Skysuites

MANILA, Philippines - DoubleDragon Properties Corp., the joint venture of the founders of grilled chicken chain Mang Inasal and fastfood giant Jollibee Foods Corp., is bringing back to life this year a foreclosed mixed-used property previously owned by Globe Asiatique Realty Holdings Corp.

DoubleDragon said yesterday in a disclosure to the Philippine Stock Exchange that it has sealed the acquisition of the Skysuites Tower after a “thorough due diligence” with Rizal Commercial Banking Corp (RCBC) was completed.

The Skysuites Tower is a 38-story commercial, office and residential tower situated on a 2,811.60 square meter prime lot at the corner of EDSA and Quezon Ave.

RCBC became the holder of the property’s title two months after it was foreclosed in September 2010.

DoubleDragon said it aims to re-launch and re-brand the project this year in a plan to make the tower one of the most prominent landmarks along EDSA.

The project is expected to pour in a total of P5.2 billion in revenues and is seen to contribute to the company’s net income starting on the second half of the year.

DoubleDragon said it will continue both the construction and sale of the remaining inventory of the residential units and intends to retain the commercial and office spaces.

DoubleDragon’s net income grew more than six times to P84.3 million in the first semester of the year from P13.4 million a year ago on the back of high residential sales and new investments.

The company has upgraded its profit forecast to P525 million this year, higher than the P340 million announced earlier.