Ascott Meridian nears completion
MANILA -Property giant DoubleDragon Corp. announced the substantial completion of upscale serviced residences operator Ascott at its Meridian Park complex near Manila Bay.
DoubleDragon, owned by tycoons Edgar Sia II and Tony Tan Caktiong, held a topping off ceremony for Ascott-DD Meridian Park. This means the building structure and topmost floor has been completed.
The new project will feature 300 luxury serviced residences. Located behind DoubleDragon Plaza, Ascott-DD Meridian Park is expected to be operational and begin to generate recurring revenues by 2024.
“The five-hectare DoubleDragon Meridian Park complex is expected to be fully developed by 2024 and to become a fully mature prime hard asset portfolio, generating optimum level of recurring revenues by 2025,” the developer added.
The tenants of this complex include the headquarters of government agencies such as the Philippine Economic Zone Authority and Tourism Infrastructure Economic Zone Authority, apart from private corporate offices.
DoubleDragon earlier announced that net income from January to June had jumped 33 percent to P1.6 billion versus the same period last year.
The company also owns the fast-growing Hotel101 condotel chain. It booked robust revenue growth during the first semester of 2023 as it exceeded a previous target to reach one million square meters of leasable space.
Revenues during the first semester reached nearly P4 billion, up 15.6 percent. The company’s leasable space stood at about 1.3 million square meters while total assets as of June 30 this year amounted to P163 billion.