Tycoons Edgar Sia II and Tony Tan Caktiong are transforming their real estate venture DoubleDragon Properties Corp. into an investment holding firm that will have a more diversified portfolio beyond property development.
DoubleDragon’s board has approved an amendment in its articles of incorporation to change its primary purpose into an investment holding company and to rename the enterprise DoubleDragon Corp., the company disclosed to the Philippine Stock Exchange on Thursday.
“Just a few years ago, our family partnered with the Sia family as we saw exciting prospects in the Philippine real estate industry. Fast forward to today, DoubleDragon has grown from zero leasable space to 1.024 million square meters of completed GFA (gross floor area) portfolio. In hindsight, that decision has proven right. [From a small startup company], DoubleDragon has transformed into a company with now over P122.5 billion in assets,” said Tan Caktiong, DoubleDragon co-chair and founder of fast food giant Jollibee Foods Corp.
To date, DoubleDragon is into shopping mall, warehousing, office, hotel and residential development.
“DoubleDragon is now ready to begin its new journey as it aspires to become one of the most active, durable and responsible Filipino conglomerates,” said Sia.
Sia, who founded restaurant chain Mang Inasal which was later on sold to Jollibee, is the youngest businessman from the Philippines who has made it to Forbes magazine’s 2021 list of wealthiest people on the planet.
“We are inspired to position DoubleDragon to become a major contributor and to be in the forefront in the rebuilding of the new economy post this unprecedented global pandemic,” he added.
The amendments are still subject to necessary regulatory and other shareholder approvals.
DoubleDragon, which debuted on the local stock exchange under the ticker “DD” in 2014, is currently valued by the stock market at around P31 billion.
Sia has since then brought to public hands another company, retailing chain MerryMart Consumer Corp., while DoubleDragon recently raised P14.7 billion in fresh capital from the stock market listing of its real estate investment trust, DDMP REIT Inc.