DoubleDragon to put up Meridian Park

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 complex of office, commercial and serviced apartment buildings.

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. It will also have a commercial arcade on the ground floor.

The first phase is expected to generate about 12,000 new jobs, DoubleDragon yesterday said in a disclosure to the Philippine Stock Exchange.

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.

DoubleDragon said its goal was to create a “prominent landmark” in the area. The project will rise on the corner of Edsa Extension and Macapagal Avenue across Heritage Hotel.

DoubleDragon aims to start construction of the first phase by the last quarter of the year and complete it by 2020—when it hopes to join the ranks of the country”s largest property firms.

By 2020, DoubleDragon may 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 establishments around the country.

DoubleDragon is a joint venture between Mang Inasal founder Edgar Sia II and Jollibee group founder Tony Tan Caktiong.