DoubleDragon Properties Corp. said its aim of reaching 1.2 million square meters (sq.m.) leasing space portfolio will be delayed by two years, from 2020 to 2022 due to the effect of the new coronavirus disease 2019 (COVID-19).
The company said it closed 2019 with profit of P10.65 billion, up 43.53 percent from P7.42 billion the prior year. Revenues was at P20.20 billion, up 40.81 percent from P14.35 billion in 2018
The company grew its recurring revenue by 30.13 percent at P3.95 billion from P3.03 billion with rental income growing 31.02 percent at P3.27 billion from P2.50 billion in 2018
Edgar Sia II, DoubleDragon chairman, said the COVID-19 pandemic “has made the strategic relevance and resilience of DoubleDragon’s portfolio more positively pronounced.”
This has led the company to keep its four pillars of growth as is and adjust its growth target to complete its 1.2 million leasable space portfolio by 2022, he said.
If the new timetable holds, DoubleDragon will have by 2022 700,000 sq.m., from its 100 community mall, CityMalls; 300,000 sq.m., from its Metro Manila office projects DD Meridian Park and Jollibee Tower; 100,000 sq.m., from the 5,000 hotel rooms of Hotel101 and Jinjiang Inn Philippines, and another 100,000 sq.m., of industrial space from various CentralHub sites across Luzon, Visayas and Mindanao.