DOUBLEDRAGON Properties Corp. has fully leased out its industrial warehouse complex in Roxas City, Capiz — its fifth such project in the country.
In a statement, the listed property developer said the 4.2-hectare industrial warehouse carrying the CentralHub brand has been completed and 100% leased out. Located along the Roxas-Ivisan Bypass Road in Roxas City, the facility is now servicing tenants such as consumer goods giant Nestlé and snacks manufacturer Prifood Corp.
The facility features modern standardized multi-use warehouses that can fulfill the requirements of fast-moving consumer goods companies, retailers, fastfood brands, cold storage providers, logistics operators, and e-commerce companies.
The first four CentralHub facilities are located in Davao, Cebu, Iloilo, and Tarlac.
DoubleDragon said it will end 2020 with a total of eight CentralHub complexes covering up to 100,000 sq.m. of leasable industrial warehouse space.
The company looks to build one CentralHub complex in each of the country’s 81 provinces in the long term.
“There are several catalysts that account for the strong demand for CentralHub industrial space, the major being the urbanization of what were traditionally industrial areas which has resulted to the displacement of existing industrial locators,” DoubleDragon Chief Investment Officer Marianna H. Yulo said in a statement.
Ms. Yulo also attributed the demand for industrial warehouse space to “strong growth of consumer-related companies both in existing and new areas they are expanding to and lastly the fresh demand from rapidly growing e-commerce companies that are taking over new market share.”
The construction of CentralHub facilities forms part of DoubleDragon’s target to have 1.2 million sq.m. under its leasable portfolio by next year. The rest will come from 100 CityMalls (700,000 sq.m.), 5,000 hotel rooms (100,000 sq.m.), and office spaces in Metro Manila (300,000 sq.m.).
DoubleDragon’s net income attributable to the parent climbed 46% to P767.30 million in the first quarter of 2019, driven by a 33% increase in gross revenues to P2.44 billion.
Shares in DoubleDragon rose 0.81% or 20 centavos to close at P24.90 each at the stock exchange on Wednesday. — Arra B. Francia