DOUBLEDRAGON Properties Corp. has topped off its 41-storey Jollibee Tower on Monday, which is seen to start contributing P631.8 million in annual recurring income this year.
The listed property developer said in a statement that it has completed the construction of the building’s topmost floor, with handover to tenants to start in May. Jollibee Foods Corp. (JFC) will be the tower’s anchor tenant.
Located at the corner of F. Ortigas Jr. Road and Garnet Road in Ortigas Center, Jollibee Tower will offer 59,365 square meters (sq.m.) in total leasable area, as well as 1,149 parking slots on four basement parking floors and eight podium parking floors.
It has also received the Leadership in Energy and Environmental Design Gold pre-certification awarded by the US Green Building Council, indicating that the building is environmentally friendly.
Jollibee Tower is DoubleDragon’s eighth office tower to date. It has the four towers in DoubleDragon Plaza in Pasay City, DD Center-East and DD Center-West in DD Meridian Park in Pasay City, and Skysuites in Quezon City.
With this, DoubleDragon now has 265,073 sq.m. in completed office leasable space, keeping it on track to reach its target of 300,000 sq.m. in leasable office space by 2020. The company is seen to hit this target with the completion of one more office building in DD Meridian Park next year.
This forms part of DoubleDragon’s target to have 1.2 million sq.m. under its leasing portfolio by next year.
Aside from 300,000 sq.m for leasable office spaces, this target also includes 700,000 sq.m. from 100 CityMalls, 100,000 sq.m. from about 5,000 hotel rooms under the brands Hotel101 and Jinjiang Inn Philippines, and 100,000 sq.m. of industrial space from eight CentralHub sites across the country.
The company’s net income climbed 19% to P966.02 million in the first nine months of 2019, after a 16% increase in gross revenues to P4.72 billion
DoubleDragon Chairman and Chief Executive Officer Edgar J. Sia II earlier said that he expects the company to generate P10.52 billion in revenues this year, as it looks to end the year with more than 600,000 sq.m. in completed leasable spaces.
DoubleDragon is a joint venture between Injap Investments, Inc. of Mr. Sia — the founder of the Mang Inasal grilled chicken restaurant chain — and Honeystars Holdings Corp. of Tony Tan Caktiong, chairman and founder of Jollibee Foods Corp.
Shares in DoubleDragon firmed up 2.46% or 55 centavos to close at P22.95 each at the stock exchange on Monday. — Arra B. Francia