PROPERTY developer Double Dragon Properties Corp. said its income last year hit P2.52 billion, some 72 percent higher than the previous year’s P1.47 billion.
Consolidated revenues also grew almost at the same pace to reach P6.61 billion, from the previous P3.71 billion, as recurring income—those coming from rentals of malls—now accounts for about a fifth of the total.
By 2020 the company targets 90 percent of its revenues will come from rentals. In three years, Double Dragon has completed 332,500 square meters (sq m) of leasable space. The company expects that over 50 percent of its target leasable portfolio will be online, which should start to contribute to its income by next year.
The first 25 CityMalls are averaging 95-percent leased out, and the company expects a total of 50 completed community malls by the end of the year.
As for its hospitality business, the group’s hotel revenues rose five times year-on-year to P397.5 million, from P78.9 million in 2016 due to the full year contribution of its hospitality subsidiary, Hotel of Asia Inc., which was acquired in October 2016.
The company currently has 866 operational rooms in its portfolio across its hotel properties that averaged 74.8-percent occupancy in 2017.
“DoubleDragon envisions being one of the leading hotel players in the country and is looking to increase its hotel-room base to 5,000 hotel rooms by 2020 through the rollout of its homegrown brand Hotel 101 and Jinjiang Inn,” the company said.
In its industrial warehousing business, the company said it was able to secure two of the eight CentralHub sites it intends to initially develop by 2020.
DoubleDragon’s properties in Tarlac and Iloilo have a combined capacity of 54,000 sq m of warehouse space once fully built.
The company will be developing these industrial sites in phases and is looking to have at least 100,000 sq m of leasable warehouse space contributing to its portfolio by 2020.
“I am personally glad for the progress we have made in the past three years, as it has been essential in putting together the solid building blocks that will serve as the bedrock of a company designed and built to stand the test of time,” DoubleDragon Chairman Edgar Sia II said in a statement.
By the end of the year, the company aims to have at least 60 hectares or 50 percent of its intended 2020 portfolio completed, which should be contributing on a full-year basis by 2019. This will replace its temporary nonrecurring revenues as it shift into a recurring revenue-focused company, Sia said.