Property developer DoubleDragon Properties Corp. expects to jack up its annual recurring revenues by P631.8 million with fresh leasable inventory from its eighth office property, Jollibee Tower in Ortigas Center.
Jollibee Tower is a premium grade 41-story commercial and office tower with 59,365 square meters of leasable area. It will have fast-food giant Jollibee Foods Corp. as its anchor tenant.
In a disclosure to the Philippine Stock Exchange on Monday, DoubleDragon said it recently held the top-off ceremony for Jollibee Tower and would start the handover to tenants by next month.
The new tower is expected to start contributing to rental income this year.
“We see building structures for leasing business like fruit-bearing trees, where the buildings are like the tree, and the rental income are like the fruits that keep coming for many decades. And while they produce the fruits year on year, the property like the bark of the tree also becomes more and more valuable,” DoubleDragon chair Edgar Sia II said.
The new skyscraper is situated on a 3,002-sqm prime commercial lot located at the corner of F. Ortigas Jr. Road (formerly Emerald Avenue) and Garnet Road and is seen to complement the thriving business community in the Ortigas area.
Apart from new space created for office use, the new tower will feature the retail concepts of the Jollibee group at the ground floor level and an events center at the second floor. It will have 1,149 parking slots, green garden decks and a helipad.
The seven other existing office property hubs of DoubleDragon are Tower 1, Tower 2, Tower 3 and Tower 4 of DoubleDragon Plaza as well as DD Center-East and DD Center-West in DD Meridian Park and Corporate Tower of Skysuites.
DoubleDragon’s completed office leasable space portfolio already totals 265,073 sqm, accounting for 88.36 percent of its 2020 office leasable target of 300,000 sqm. The completion of one more office building at DoubleDragon Tower in DD Meridian Park (at the back of DoubleDragon Plaza) will fully meet its 2020 goal.
Jollibee Tower is precertified for Leadership in Energy and Environmental Design Gold. The exterior of the building is made of double-glazed glass curtain walls for increased energy efficiency. The office floors are fiber optic-ready with emergency backup power and fully fitted with variable refrigerant flow air-conditioning system.
The firm aims to achieve a total leasable portfolio of 1.2 million sqm by 2020 comprised of 700,000 sqm from 100 community malls under the brand CityMalls; 300,000 sqm from its Metro Manila office projects; 100,000 sqm from the planned 5,000 hotel rooms of Hotel101 and Jinjiang Inn Philippines; and another 100,000 sqm of industrial space from various CentralHub sites across Luzon, Visayas and Mindanao.