DoubleDragon equity may exceed P100 billion this year

MANILA, Philippines — DoubleDragon Corp., the property developer chaired by tycoons Edgar “Injap” Sia II and Tony Tan Caktiong, expects to hit a new milestone this year as it looks to surpass P100 billion in total equity for the first time.

This will position DoubleDragon as one of the few companies in the country with total equity at 12-digit level.

The listed company’s string of titled investment properties strategically located in prime locations across Luzon, Visayas, Mindanao and overseas serves as its strong underlying solid foundation, DoubleDragon said.

Aside from its diversified hard assets portfolio in the Philippines, the company was able to organically develop a unique business model and brand in Hotel101.

DoubleDragon said the upcoming Hotel101 Global listing in the US would further reinforce the company’s balance sheet.

“DoubleDragon is a relatively newer player in a highly competitive industry dominated by long established giants that came way many decades ahead. We are grateful for the grit and hard work of our team and support of all our stakeholders that enabled DoubleDragon to demonstrate that the business landscape of the Philippines is a playing field that allows entrepreneurs to thrive, inspiring more and more entrepreneurs to build more startups and push it forward to eventually become large entrenched players over time,” Sia said.

In less than 10 years, DoubleDragon has completed over 1.3 million square meters of diversified asset portfolio.

Its portfolio consists of a chain of provincial community malls in Luzon, Visayas and Mindanao; office buildings in Metro Manila; hotels in the Philippines and overseas and warehouse facilities nationwide.

DoubleDragon said its nationwide portfolio of strategically located titled hard assets footprint is expected to fully mature by 2025.

Last year, the company reported a 23.25 percent net income growth to P15.93 billion as revenues hit P24.74 billion.

The company ended 2023 with total assets of P181.24 billion, 15.59 percent higher year-on-year.

This will be strengthened further this year with the completion of seven more buildings.