DoubleDragon Properties Corp. anticipates achieving its goal of hitting 1.2 million square meters in gross leasable area (GLA) by 2022 instead of this year, given construction limitations arising from the COVID-19 pandemic.
In a statement, DoubleDragon said it settled this upgraded target to 2022. The quarantine protocols in various parts of the country since March this year have constrained construction activities. The property company has completed a portfolio of 803,735 sqm of GLA, equivalent to 80.3 percent of its old target of one million square meters of GLA for 2020 set when it went public in 2014, the company disclosed to the Philippine Stock Exchange(PSE).
“It is trying times like these when the most important aspect is having a relevant and resilient business model in the company’s portfolio, and we are glad that DoubleDragon’s portfolio had the opportunity to be tested. The size of the company’s real estate portfolio and the revenues it used to generate will not matter much if the changes of customer behavior from this unprecedented global pandemic will make the real estate portfolio irrelevant going forward. Our team will continue to make sure that its portfolio will always be geared to capture the bright future of our economy,” DoubleDragon Chairman Edgar “Injap” Sia II said.
“For a glimpse of DoubleDragon during the lockdown, CityMalls played a vital role in the provincial communities it serves as innate in its business model, majority of its space are essentials,” he said.
“Office leasing, including DD Meridian Park complex continued to keep its rental revenues intact as with all the other office lessors in Metro Manila,” Sia said.
“The relevance of CentralHub warehouse complex became even more undeniable during the lockdown as many companies realized the importance of having storage around the country when the movement of goods was paralyzed,” he added.
Double Dragon has since improved its GLA target for 2020 to 1.2 million sqm under its four pillars of growth: provincial retail leasing, office leasing, industrial leasing, and hotels. These businesses are seen to provide the company with a diversified source of recurring revenues backed by a chain of appreciating hard assets.
In 2019, DoubleDragon grew its net profit by 43.53 percent to P10.65 billion. Its recurring revenue grew by 30.13 percent to P3.95 billion, primarily from the growth of rental revenues which expanded by 31 percent to P3.27 billion. More..
DoubleDragon Properties Corp. is listed in the PSE as $DD last traded price of the stock was at 20.00 PHP/share as of June 11, 2020, +11% higher than its previous close with 67.72M value traded across the market.
Sia-led grocer MerryMart will be listed tomorrow for the first time in the PSE as it bravely pursues the (Initial Public Offering)IPO despite the state Philippine Economy, Sia is optimistic about the future of Merrymart in a statement. he said, “Just like Mang Inasal & Double Dragon, Our team & myself will pour in the passion, sincerity, determination, focus & hard work towards the goal of making MerryMart grow rapidly & become strong, durable & relevant for many generations”.
-Stockbytes PH, June 14, 2020
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