DOUBLEDRAGON Properties Corp. subsidiary CityMall Commercial Centers, Inc. has agreed to lease its mall rooftops to common tower provider ALT Global Solutions, Inc. which proposes to build a network of cellular wireless towers.
In a statement Thursday, DoubleDragon said the agreement will allow ALT Global to lease up to 50 rooftops of CityMalls to be used for the company’s venture into the telecommunications infrastructure business.
“DoubleDragon continues to find ways to further optimize its revenues such as tapping new rental revenue streams from leasing of roof space for solar, advertising spaces in its string of strategic properties around the country, and from rooftop space leasing for common telco towers,” it said.
ALT Global is among the common tower providers that signed a memorandum of understanding with the Department of Information and Communications Technology (DICT) in March, seeking to build telecommunications infrastructure for mobile network operators. The firm is working with India’s Ganges Internationale Pvd. Ltd. for the business venture.
DoubleDragon said its rooftops are also currently being leased to solar companies, noting CityMall community malls and CentralHub warehouses are booked for an equivalent of 100 megawatts of solar capacity by 2020. This solar deal is expected to generate P100 million for the company.
“DoubleDragon’s portfolio of completed leasable space is like a large fuel tank and its secured leases are the fuel inside the tank which will ensure the continuous flow of rental revenues into the Company. As DoubleDragon completes more leasable space, the tank becomes bigger and as the Company secures more lease contracts the volume of fuel inside the tank increases,” DoubleDragon Chairman Edgar J. Sia II was quoted as saying.
The company hopes to have a total of 1.2 million square meters (sq.m.) leasable space by 2020, consolidated from 700,000 sq.m. from 100 CityMalls; 300,000 sq.m. from DD Meridian Park and Jollibee Tower; 100,000 sq.m. from Hotel101 and Jinjiang Inn Philippines; and 100,000 sq.m. from various CentralHub sites across the country.
“We look forward to the opening of the (real estate investment trust) market in the Philippines as it will enable DoubleDragon to unlock the value of its string of prime properties as well as generate new capital that will further boost the Company’s balance sheet and enable it to grow its portfolio of leasable space,” Hannah Yulo, chief investment officer of DoubleDragon, said in the statement. — Denise A. Valdez