MANILA, Philippines — DoubleDragon Corp., the property venture of tycoons Edgar “Injap” Sia II and Tony Tan Caktiong, expects its total equity to surpass the P100-billion mark this year, with the Nasdaq listing of the company’s global hotel chain brand seen boosting its balance sheet.
The real estate firm’s total equity by the end of last year already reached P94.57 billion, up by 15.88 percent.
DoubleDragon, which was established in 2009 as Injap Land Corp., said in a statement on Friday it was expecting homegrown condotel chain Hotel101 to become “one of the major US dollar inflow generators” in the Philippines.
This comes nearly a month after Hotel101 Global Pte. Ltd, its Singapore-based unit, entered into a definitive merger agreement with Nasdaq Stock Exchange-listed JVSPAC Acquisition Corp. This will allow Hotel 101 to become the first Filipino company publicly traded on the tech-heavy US bourse, with the listing expected in the second half of 2024.
It is set to unlock $2.3 billion in valuation for Hotel101 Global.
READ: First in PH: Hotel 101 gets ticket to Nasdaq
It is set to unlock $2.3 billion in valuation for Hotel101 Global.
Aggressive expansion plan
The deal is likewise seen to help fund Hotel101’s aggressive expansion plans, as it seeks to have 1 million rooms across more than 100 countries.
Despite DoubleDragon being a relatively young company competing against larger and long-established giants, Sia said their employees and stakeholders enabled the company “to demonstrate that the business landscape of the Philippines is a playing field that allows entrepreneurs to thrive.”
“I firmly believe that a country that produces a continuous flow of new players that are able to grow—and not just a handful of old players—is vital for a robust and healthy economy that will contribute toward a First World Philippines,” Sia added.
READ: DoubleDragon earnings up 23% to P15.9B in 2023
Last year, DoubleDragon saw its earnings surge by 23.25 percent to P15.93 billion due to its growing asset portfolio.
The property firm’s international and local projects currently span 1.3 million square meters. These are composed of community malls, office buildings, hotels, and warehouse complexes, with some located in the countryside.
In March, Hotel101 broke ground for its second international branch in Madrid with 680 rooms.
The 482-room Hotel101-Niseko in Japan is currently under construction, while the company’s first branch in the United States is set to be developed in Los Angeles, California.
“Hotel101 is also expected to further elevate the globally renowned Filipino brand of hospitality to each of the countries where Hotel101 eventually operates,” DoubleDragon said.