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.