DoubleDragon raises $20M via offshore bond sales
MANILA, Philippines -DoubleDragon Corp., the real estate venture between tycoons Tony Tan Caktiong and Edgar “Injap” Sia II, said its overseas subsidiary raised an additional $20 million via a bond sale in Singapore.
In a stock exchange filing on Thursday, the developer said DDPC Worldwide Pte. Ltd. raised the amount though a tap offering of its outstanding $160 -million 7.25 percent notes due 2025 that are listed on the Singapore Exchange Securities Trading Ltd.
“Use of proceeds intended for the development and construction of Hotel101 overseas projects and for general corporate purposes,” DoubleDragon said.
This was in line with the broader goal to export the Hotel10 in the International market.
“DoubleDragon envisions its subsidiary Hotel101 Global Pte Ltd to reach 500,000 uniform Hotel101 room portfolio globally by 2040 and aims to make the homegrown Filipino Hotel101 brand become one of the top 5 global hotel groups operating in over 101 countries,” DoubleDragon said.
To date, DoubleDragon has completed a portfolio of over 1.2 million square meters of leasable space. Its projects include CityMall community centers and office buildings In DD Meridian Park complex in Bay Area Pasay and the 42-storey Jollibee Tower in Ortigas central business district. It also operates CentralHub warehouses.
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