DoubleDragon sees over $100 million unit sales from overseas projects

MANILA, Philippines — DoubleDragon Corp., the listed property developer owned by Edgar “Injap” Sia II and Tony Tan Caktiong, expects to capture over $100 million or about P5.8 billion of contracted unit sales in the next 12 months from its overseas projects.

DoubleDragon said it recently hit a milestone, having received for the first time in its history cash payments in foreign currency equivalent to over $10 million.

The foreign currency cash were collected from numerous retail buyers in the second quarter.

“Overseas Hotel101 remarkably generated robust cash payments inflows from unit buyers, exceeding the company’s expectations,” DoubleDragon said.

DoubleDragon has organically developed a novel asset-light concept and highly unique business model in Hotel101.

Hotel101’s asset-light concept allows the company to generate revenue and income twice, first from the pre-selling of the condotel units, and then second after the project is constructed it generates long-term recurring revenue from the enrolled units in operating the hotel.

According to DoubleDragon, the export of Hotel101 is expected to eventually become one of the major dollar inflow generator to the country’s economy.

The first three countries for Hotel101’s expansion abroad are Japan, Spain and Los Angeles in California.

These first three overseas sites will serve as bridge projects to jumpstart the transition of Hotel101 to become a global brand with a truly unique business concept that can be planted in over 100 countries.

Following its ground breaking last March, DoubleDragon said construction works at Hotel101-Madrid is now in full swing.

Construction of Hotel101-Madrid, which is being undertaken by one of the largest construction companies in Spain, is targeted for completion by the fourth quarter of 2025.

DoubleDragon said the hotel’s opening is expected to open just in time for the start of the Madrid F1 Grand Prix, which happens to be located right beside the property.

Located in a 6,593 square-meter prime commercial property, the 680-room hotel project is set to become one of the five largest hotels in Madrid.