DoubleDragon Properties’ profit more than doubles on buoyant mall, hotel revenues
DoubleDragon Properties Corp. saw its first half profit surge 161 percent to P376.1 million amid the continued expansion of its mall network as well as contributions from the hotel business.
Total revenues soared 131 percent to P1.6 billion. Of the total, P473.3 million comprised recurring revenues which marked an increase of more than four- fold from the previous year.
Recurring revenues were a combination of rental revenues from the company’s retail portfolio as well as hotel revenues from DoubleDragon?s recent acquisition of Hotel of Asia Inc., which serves as the company?s hospitality arm.
HOA is growing its two hotel brands, Hotel101 and JinJiang Inn Philippines, and aims to have a combined total of 5,000 hotel rooms by 2020.
DoubleDragon currently has 20 operational malls, which include 18 operational CityMalls all of which are above 95%l percent leased out on average
Another 12 CityMalls are expected to open before the end of the year together with DoubleDragon Plaza that consists of a retail strip and four office towers.
DoubleDragon Plaza will add about 136,000 square meters of operational leasable space to the group’s portfolio by yearend. It forms.part of the four phased DD Meridian Park project along Manila Bay.
Once completed, DD Meridian Park will deliver about 280,000 square meters of leasable space by 2020.