Property developer DoubleDragon Properties Corp. has topped off DoubleDragon Center West, its sixth office tower at its flagship Metro Manila project DD Meridian Park, in line with its goal to grow and diversify its leasing portfolio.
Topping off is a builder’s rite when the last beam is placed on a building to mark the completion of the main structure. After this, the developer will still have to work on the interior finish as well as the mechanical, electrical and plumbing systems.
DD Center West is slated for completion and will start turnover to tenants this December 2018, together with DD Center East, the company disclosed to the Philippine Stock Exchange on Wednesday. Combined, the two towers will add another 35,752 square meters of leasable office space to DoubleDragon’s portfolio.
There are so far 138,503 sqm of office space already completed in DD Meridian Park, which is located at the crossroads of Edsa and Macapagal Avenue at the Bay Area.
The first four office towers of DoubleDragon Plaza, the first phase of DD Meridian Park, which officially opened its doors to the public last May 7, were 100-percent leased and expected to house more than 20,000 employees of its tenants by the end of the year.
Once fully developed, DD Meridian Park is expected to have over 50,000 employees of its tenants by 2020.
Simultaneously, DoubleDragon likewise broke ground for its ninth building, DD Meridian Tower.
DD Meridian Park will have a total of eight office towers and one luxury serviced apartment building once completed, including Ascott DD Meridian Park Manila, which will have 351 luxury serviced apartments by 2020.
“As we complete more projects nationwide, our rental revenues will continue to grow exponentially quarter on quarter. DoubleDragon is now starting to harvest from the seeds that it has been planting around the country in the last four years,” DoubleDragon chair Edgar Sia II said in a statement.
The rising interest rate environment is not seen to constrain the company’s expansion.
“DoubleDragon remains generally unaffected as we were prudent early on in making sure all our corporate notes and retail bonds have fixed interest rates for seven to 10 years. The company also has no US dollar exposure with all fund raising being peso-denominated.” —DORIS DUMLAO-ABADILLA