PROPERTY developer DoubleDragon Properties Corp. has signed a deal to build a 40-storey commercial and corporate tower for globalizing fastfood giant Jollibee Foods Corp. at the Ortigas central business district.
The deal is seen generating P350 million in annual office rental revenues for DoubleDragon while Jollibee, in exchange for its lot, will get office space for its own use alongside commercial and parking units in the skyscraper, which is expected to be completed by 2018.
The building – which will stand on a 3,002-square meter lot at the corner of F. Ortigas Jr. road (formerly Emerald Avenue) and Garnet road – will be called Jollibee Tower, the two companies separately disclosed to the Philippine Stock Exchange on Wednesday. It is envisioned to be a prominent landmark in the Ortigas skyline.
The ground floor will include commercial space and a drive-thru store provision while the 2nd and 3rd floors will house an event center. Selected floors will also be used by Jollibee as offices while the rest of the floors will be leased out to other corporate and business process outsourcing (BPO) companies.
Jollibee Tower is envisioned to be a “grade A” structure and is expected to get the Leadership in Energy and Environmental Design (LEED) certification. DoubleDragon said in the disclosure that this was in line with its thrust to promote sustainable developments through “green” technology.
The exterior of the building will be made of double-glazed glass curtain wall for increased energy efficiency.
DoubleDragon’s disclosure said this project would complete its target to build 300,000 sqms of leasable commercial and office space in Metro Manila. In addition, the company is building 700,000 sqms of leasable retail space through the rollout of a chain of 100 community malls under the brand “CityMall” across the country.
The subsidiary of DoubleDragon developing this CityMall chain has so far signed deals for 32 prime commercial properties out of the 100 locations targeted.
“As of today, the company has already secured 42 hectares of prime properties across the country, which one fully developed, will be able to deliver over 560,000 sqms of leasable space,” DoubleDragon co-founder, chair and chief executive officer Edgar Sia II said.
“DoubleDragon’s five-year goal is to accumulate one million square meters of leasable space by 2020 and we have already secured over half of the land we need within the last 16 months since we listed on the exchange,” Sia said.
The property developer aims to generate P1 billion in net profit by 2016 and P4.8 billion by 2020. Once the chain of CityMalls had been built, about 90 percent of income is expected to come from recurring revenues.
Sia co-founded DoubleDragon with Jollibee founder and chair Tony Tancaktiong.