DoubleDragon Corp.'s new Cebu Warehouse Facility Completed

DoubleDragon Corp., in partnership with Jollibee Group, has successfully completed its newest warehouse facility in Cebu. This milestone expands their total gross floor area to an impressive 1.5 million square meters, strategically timed ahead of the anticipated launch of their real estate investment trust (REIT).

According to DoubleDragon's stock exchange filing, the five-hectare CentralHub warehouse complex was fully leased before completion. This development aligns with their goal of creating a diversified leasing portfolio valued at ₱24.8 billion, laying the foundation for the Philippines' first industrial REIT. Diversified portfolios typically attract a broader range of investors while mitigating risks effectively. DoubleDragon’s holdings include residential, hospitality, and industrial assets.

The CentralHub, formed through a joint venture between DoubleDragon and Jollibee Foods Corp. (JFC), features JFC’s largest commissary and distribution center. Moreover, DoubleDragon plans to debut CentralHub on the stock market this year, though specific updates are pending.

Another highlight in DoubleDragon’s expansion includes the listing of its Hotel101 Global brand on the Nasdaq Stock Exchange. This condotel chain, under the ticker “HBNB,” marked a significant achievement as the first Filipino-owned company on Nasdaq. Hotel101, aiming for one million rooms across 100 countries, has identified 25 target countries for growth. Its ventures span from Spain and Japan to Saudi Arabia, where a collaboration with Horizon Group will develop 10,000 rooms across five locations.

Driven by overseas projects, DoubleDragon achieved remarkable growth in the first quarter of this year. Earnings soared by 245%, reaching ₱2.05 billion, alongside a substantial revenue increase to ₱4.45 billion, fueled by strong unit sales at Hotel101.

---- News Reference: Inquirer.net