DoubleDragon Properties Corp. is a newly listed real estate company led by its Chairman Edgar “Injap” Sia II (founder of Mang Inasal) and the Co-Chairman Tony Tan Caktiong (founder of Jollibee). Having achieved a market capitalization of over $2 Billion in less than two years from IPO, it is now one of the top 5 listed companies on the Philippine Stock Exchange in terms of market capitalization. The Company’s Vision is to accumulate 1 Million square meters of leasable space by 2020. 700,000 square meters of leasable space will be coming from the rollout of 100 community malls in the provincial areas of the Philippines under its subsidiary “CityMall” which is a partnership with SM Investments Corporation. CityMall is poised to become the largest independently branded community mall chain in the country. The balance of 300,000 square meters of leasable space will be coming from two office projects in Metro Manila, namely DD Meridian Park in the Bay Area and Jollibee Tower in Ortigas CBD. The Company's flagship project in Metro Manila is DD Meridian Park, a 4.8 hectare prime commercial block located in the growing central business district of the Bay Area along the corners of Roxas Blvd., EDSA and Macapagal Ave. The first phase, DoubleDragon Plaza, which consists of four BPO Towers on top of a retail podium is currently under construction and slated for completion by 2018. DD Meridian Park, once fully built, will contribute 280,000 square meters of leasable space to DoubleDragon’s portfolio.
L-R: Edgar J. Sia II–Chairman and CEO, Ferdinand J. Sia–President, Rizza Marie Joy J. Sia–Chief Finance Officer, Hannah Yulo –Chief Investment Officer
Message of the Executive Committee
Dear DD Shareholders,
It is with immense gratitude that we write to you of the exciting milestones that DoubleDragon Properties Corp. (“DD” or “Your Company”), has achieved:
- In the past 2 years, we have successfully secured 51 or over half of the prime commercial lots we need for our CityMall expansion in second and third-tier provincial cities and 100% of the land needed for our Metro Manila office developments DD Meridian Park & Jollibee Tower
- Our landbank has already grown to over 65 hectares essentially securing over 2/3rds of our development requirements for our 2020 plan to develop 1 million square meters or 100 hectares of prime leasable space
- We have developed and are now operating 9 malls (as of 21 July 2016) which include Dragon8 Mall in Divisoria and 8 CityMalls across Luzon, Visayas and Mindanao
- We have successfully raised P15.4 Billion in long-term corporate notes and P10 Billion of equity through preferred shares since IPO
- Total Assets grew by 50% to P27.8 Billion in 2015 and Total Equity grew by 10% to P8.6B in 2015
- Consolidated Net Income grew by 11% to P623 Million in 2015 while achieving Return on Equity of 20%
In addition to the growth of our retail portfolio, last August 26, 2015, we signed a joint venture with Jollibee Foods Corp. (“JFC”) to develop Jollibee Tower, a 41-storey Grade A office tower in the heart of the Ortigas business district. Together with DD Meridian Park, our flagship office and commercial block in the Bay Area, we have successfully secured all of the landbank needed for our intended 300,000 square meters of leasable office space in Metro Manila by 2020. Both projects are now well under way with the first two phases of DD Meridian Park as well as Jollibee Tower expecting to complete within 2018.
In preparation of the tremendous growth in our business, we are building our organization to support the planned development of 1 million square meters of leasable space by 2020. To date, the DoubleDragon team already consists of over 260 talented and dynamic individuals that have been handpicked and carefully placed in areas where they can excel. Our team is united in our drive to fulfill our vision and we have instilled a value system that upholds the integrity of Your Company first and foremost.
We have further ensured efficient operations by investing in a new SAP Enterprise Resource Planning (“ERP”) system, which will aid us in integrating the key business functions within the organization. We are happy to report that the new SAP ERP system is now live and the platform is foreseen to be sufficient for our accounting requirements in the years to come.
As shown in the charts above, Your Company is indeed in its hyper growth years showing exponential compounded annual growth (CAGR) just in the past three years. This strong trajectory in fundamentals coupled with a focused vision for the future and clearly laid out execution plans have been one of the strong drivers behind the appreciation of DD’s stock price.
2015 marked another significant year for us in terms of fund-raising. We were able to continue to raise long-term peso-denominated 7 to 8 years corporate notes. To date we have raised P15.4 Billion in long-term corporate notes and P10 Billion of equity through our recently issued preferred share offering. The latest offering will fuel our expansion plans up to 2017 and has substantially decreased our debt-to-equity (“D/E”) ratio to a healthy level of just a little over 1x D/E ratio which leaves us ample headroom to our cap of 2.33x D/E.
We have also been particularly active in meeting with both local and international equity investors to increase awareness of our business model and to uphold transparency with the investing public. We have participated in several investor conferences and non-deal roadshows across Asia and in the United States and have met with over 200 institutional investors just in the past twelve months.
These investor awareness initiatives are seen to have also contributed to the continued strengthening of DD’s stock performance as well as the notable increase in DD’s daily stock trading volumes.
We maintain our steadfast dedication in growing Your Company’s business and will continue to do all we can to ensure efficient execution of our well laid out plans.
We are one with you in your belief that your company DoubleDragon Properties Corp will continue to create extraordinary performance along the way en route to its continued exponential growth.
DOUBLEDRAGON PROPERTIES CORP.