DoubleDragon to build Ascott Tower in Meridian Park
Property developer DoubleDragon Properties Corp. signed on Monday an agreement to develop a 300-room five-star Ascott luxury serviced apartment in its Meridian Park Manila estate project along Pasay City’s Bay Area.
Ascott DD-Meridian Park is set to break ground within the year and expected to be operational by 2020.
The deal with Ascott Ltd. to develop this property was signed by DoubleDragon through its subsidiary, DD-Meridian Park Development Corp., based on a disclosure to the Philippine Stock Exchange.
“The location of the upcoming Ascott-DD Meridian Park Manila is very ideal for the project given its close proximity to the Manila Domestic and International Airport, Department of Foreign Affairs, Mall of Asia and the Entertainment City,” DoubleDragon said in its press statement.
With Ascott DD-Meridian Park Manila’s prime location, the project is seen to enhance the profile of the entire development and contribute to the recurring revenues of DoubleDragon.
This deal is also set to expand DoubleDragon’s hospitality offering. Through another subsidiary Hotel of Asia Inc., it has 855 hotel rooms under homegrown condotel brand Hotel 101 and the local franchise of Jinjiang Inn, one of the largest hotel brands in Asia.
Ascott is a Singapore based international service residence owner-operator with more than 300 properties in over 100 cities spanning more than 25 countries. It owns and manages a global portfolio worth more than S$78-billion, and is a member of CapitaLand, one of Asia’s largest real estate companies.
Among other Ascott-branded serviced apartment properties operational in the Philippines are: Somerset Millennium Makati, Ascott Makati, Citadines Salcedo Makati, Somerset Olympia Makati and Ascott Bonifacio Global City Manila. Citadines Cebu is opening by next year.
The newest Ascott luxury apartment will be built by DoubleDragon on a 5,567-square meter lot in Meridian Park, marking the third phase of DoubleDragon’s 4.8 hectare flagship mixed-use complex.
The four-tower DoubleDragon Plaza is the first phase of the project which is set to be completed by last quarter of this year. DoubleDragon Center-East and DoubleDragon Center-West, the second phase, are expected to be completed by the last quarter of 2018.
The entire Meridian Park development will consist of eight towers with 230,000 square meters of leasable space. – ODELINNE JAN LINA
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