Listed property developer DoubleDragon Properties Corp is establishing wholly owned selling arm subsidiaries in Singapore, Hong Kong, Japan, London, Italy, and the US to focus on the international pre-selling of Hotel101 projects in the Philippines.
DoubleDragon has a strong in -house domestic sales force consisting of over fifty experienced property specialists.
The company’s new sales recorded across all projects have exceeded Php 1.90 Billion 2018 to date an increase of 142.9% year-on-year, majority of new sales delivered was attributable to Hotel101 Fort, which hit a record P1.65 Billion in sales since its launch just last March 2018.
DoubleDragon chief investment officer Hannah Yulo said the launch of sales offices abroad is in preparation for the next four more Hotel101 projects in Davao, Boracay, Bohol, and Palawan. These projects will start pre-selling next year, with over P12.21 billion in inventory, Yulo added.
“Hotel101 provides the optimum balance for DoubleDragon as our offices, malls and warehouses are recurring revenue sources which start pouring in upon their respective completion, while for Hotel101, DoubleDragon derives revenues twice- firstly, from the pre-selling of the units during the construction phase and secondly, once the projects are completed the properties start to generate recurring revenue from hotel operations,” said Edgar “Injap” Sia II, Chairman of DoubleDragon.
DoubleDragon targets to complete a leasable portfolio of 1.2 Million square meters by 2020 comprising of 700,000 square meters from 100 CityMalls, 300,000 square meters from its Metro Manila office projects DD Meridian Park and Jollibee Tower, 100,000 square meters from the planned 5,000 hotel rooms of Hotel101 and Jinjiang Inn Philippines, and another 100,000 square meters of industrial space from various CentralHub sites across Luzon, Visayas and Mindanao. – BusinessNewsAsia.com