DOUBLEDRAGON Properties Corp. has completed its first industrial warehouse in Tarlac, the first of the eight it plans to construct until 2020.
In a statement issued Wednesday, the listed property developer said CentralHub Tarlac will be the template to be used in building the seven other industrial complexes it has in the pipeline in the next two years.
“The prototype is designed to provide maximum flexibility for its users such as commissaries, cold storages, light manufacturing and logistics distribution centers,” DoubleDragon Chairman and CEO Edgar J. Sia II was quoted in a statement as saying.
DoubleDragon is banking on the projected rise in demand for multi-use warehouses in the country driven by consumer-related companies.
The company will be developing another CentralHub site in North Luzon after Tarlac. It will also build two each in Visayas and Mindanao.
DoubleDragon has only identified Tarlac and Iloilo for the first two sites, which once fully developed will give it 54,000 square meters (sq.m.) of leasable industrial space.
DoubleDragon Chief Investment Officer Hannah Yulo said the company’s aim is to focus on the physical structures that will support the needs of logistics and e-commerce players in the country.
“The current supply of provincial warehouses are not e-commerce suited and the industry is very fragmented with none of the major players owning a portfolio of industrial warehouse complexes in the provincial areas of Luzon, Visayas and Mindanao. As such, we see great opportunity to be able to dominate the industrial leasing industry in the near-term,” Ms. Yulo said in a statement.
The expansion of industrial leasing spaces is part of DoubleDragon’s plan to have 1.2 million sq.m. under its leasable portfolio by 2020. This will include 700,000 sq.m. from 100 CityMalls, 300,000 sq.m. from Metro Manila office projects, and 100,000 sq.m. from 5,000 hotel rooms under the Hotel 101 and JinJiang Inn Philippines brands.
Shares in DoubleDragon gained 20 centavos or 0.74% to close at P27.20 each at the stock exchange on Wednesday. — Arra B. Francia
