REAL ESTATE developer DoubleDragon Corp. (DD) said its Ascott-DD Meridian Park is set to be operational by 2024 as the company had the topping-off ceremony on Tuesday.
In a stock exchange disclosure, DoubleDragon said the project will feature more than 300 luxury serviced residences and is located within the DoubleDragon Meridian Park complex.
The Ascott-DD Meridian Park development is expected to generate recurring revenues by next year, the company said.
It said the premium luxury development “will complete and further enhance the mix of the whole complex as it is positioned to be the Mini-CBD (central business district) in the Bay Area of Pasay City, Metro Manila.”
“Today Aug. 22, 2023, [DoubleDragon’s] subsidiary (DDMP REIT, Inc.) conducts topping off of Ascott at DD Meridian Park as the building structure and topmost floor of the project has been completed,” it added.
DDMP REIT is the real estate investment trust of DoubleDragon. Its property portfolio consists of three commercial properties in DD Meridian Park, namely: DoubleDragon Plaza, DoubleDragon Center East, and DoubleDragon Center West.
DoubleDragon said that Ascott Ltd., which is a subsidiary of Singapore-based property company Capital Land, will operate and manage Ascott-DD Meridian Park.
In 2017, DoubleDragon announced its partnership with Ascott Ltd. for the establishment of the 5,567-square-meter Ascott-DD Meridian Park. Aside from the luxury serviced residences development, the company said the five-hectare DoubleDragon Meridian Park complex is expected to be fully developed by 2024.
It said the complex is set “to become a fully mature prime hard asset portfolio, generating optimum level of recurring revenues by 2025.”
Meanwhile, the company said DoubleDragon Plaza is expecting to welcome soon a third government agency to relocate its head office in the property, in addition to the Philippine Economic Zone Authority and the Tourism Infrastructure Economic Zone Authority.
Shares of DD at the local bourse slipped five centavos or 0.64% to end at P7.75 each on Tuesday. — Revin Mikhael D. Ochave
