DoubleDragon, Ascott tie up for luxury tower

Property developer DoubleDragon Properties Corp. yesterday signed 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 could be operational by 2020.

The deal with Ascott Ltd. 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 a press statement.

With its 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 $78 billion, and is a member of CapitaLand, one of Asia’s largest real estate companies.