DoubleDragon signs deal to develop mixed-use complex near MOA

By Doris C. Dumlao

Philippine Daily Inquirer

3:59 pm | Monday, June 2nd, 2014

Screengrab from doubledragon.com.ph

MANILA, Philippines—Property developer DoubleDragon Properties Corp. has signed a joint venture deal to develop a 4.75-hectare property near the Mall of Asia complex into “The Meridian Park,” a themed complex of buildings for office, commercial and serviced apartments.

The first phase of the project is called “Double Dragon Cyber Campus,” which will have a total of 90,200 square meters of floor area to be leased out to business process outsourcing (BPO) companies and will also have a commercial arcade on the ground floor. This first phase will generate about 12,000 new jobs, according to DoubleDragon in its disclosure to the Philippine Stock Exchange Monday.

For “The Meridian Park,” DoubleDragon signed a joint venture deal with Carto Meridian Development Corp. DoubleDragon will own 70 percent of the joint venture.

Once the development is completed, “The Meridian Park” will have about 334,000 square meters of total floor area and generate over P1.6 billion in annual rental revenues to the joint venture company.

DoubleDragon said it would like to make this development “one of the most iconic and prominent landmarks” in the area. The project will rise at the corner of EDSA Extension and Macapagal Avenue.

DoubleDragon aims to launch the masterplan and start construction of the first phase of this new project by the last quarter of this year and complete it by 2020, the same year during which it aims to join the ranks of the country’s largest property firms.

By 2020, DoubleDragon aims to have a total of one million square meters of leasable portfolio, of which 700,000 square meters will come from its upcoming chain of 100 CityMall community malls around the country.

Follow Us

Other Stories:

Many Filipinos still ‘financially excluded and underserved’

Security Bank gets BSP nod to issue shares

Asia shares up after Wall Street highs

PPP deals to decongest metropolis readied

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:

c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94

seo tools