DoubleDragon eyes Delfin Lee property in QC

MANILA, Philippines—DoubleDragon Properties Corp. is proceeding with a plan to take over the Skysuites mixed-use project in Quezon City that was foreclosed by Rizal Commercial Banking Corp.

Skysuites was a project of Delfin Lee’s Globe Asiatique Realty Holdings Corp. It was foreclosed by RCBC in September 2010.

Lee has been accused of masterminding a multibillion-peso realty scam involving Globe Asiatique.

In a disclosure to the Philippine Stock Exchange on Wednesday, DoubleDragon said it would move to the next phase of the acquisition process.

The property developer signed a memorandum of agreement with RCBC on April 30 for a due diligence and 90-day exclusivity period for Skysuites.

DoubleDragon said it had just completed its initial due diligence and it would soon send out invitation letters to existing buyers for a conference to discuss its takeover proposal.

The project is a 38-story commercial, office and residential tower that sits on a 2,811.6-square-meter prime corner lot on Edsa and Quezon Avenue, just a few meters away from the MRT station.

DoubleDragon said it intended to continue both the construction and sale of the remaining inventory of the residential units as well as to retain the commercial and office spaces for recurring rental income.—Doris C. Dumlao