DoubleDragon sets up overseas units to spur sales
Businessman Injap Sia-led DoubleDragon Properties Corp. is expanding beyond Philippine shores with plans to establish wholly-owned units in London, Italy and the US.
The company will also set up subsidiaries in Singapore, Hong Kong and Japan which will pre-sell Hotel101 projects in the Philippines.
DoubleDragon chief investment officer Hannah Yulo said the new sales teams overseas were created to market new Hotel101 projects in Davao, Boracay, Bohol & Palawan next year. The projects have a combined inventory of over P12.2 billion.
“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 saw sales more than double to over P1.9 billion, mostly coming from Hotel101 Fort which was well received by the market.
Hotel101 Fort hit a record P1.65 Billion in sales since its launch in March.
Booking.com ranked Hotel101-Manila as the no.1 most booked hotel in Pasay city and no.2 most booked hotel in Metro Manila against 2,929 other hotels.