DoubleDragon 2014 net income hits P560-M

ABS-CBN News

Posted at Mar 25 2015 04:34 PM | Updated as of Mar 26 2015 12:34 AM

MANILA, Philippines - DoubleDragon Properties, the property company owned by the founders of Jollibee and Mang Inasal, reported its net income jumped 360 percent to P560.8 million in 2014.

In a statement, DoubleDragon said total revenues from real estate sales more than doubled to P1.2 billion in 2014, from P511 million in 2013.

"2014 has been a significant year for DD both financially and through the partnerships that we have formed and through the various property projects that we have recently embarked on," DoubleDragon chairman and CEO Edgar "Injap" Sia II said.

In 2014, DoubleDragon acquired several projects which boosted its real estate inventory by 200 percent to P2.2 billion, from P748 million in 2013. This was mainly due to the acquisition of The SkySuites Tower project in Quezon City last September.

DoubleDragon has already secured 33 hectares of prime land throughout the country, representing 480,000 square meters of leasable spaces once built up. This is already 48 percent of the company's 5-year total leasable spaces target of 1 million square meters.

The property firm is aiming to complete 25 CityMalls by end of the year, and 100 CityMalls by 2020.

The first CityMall will be opened in Roxas City on Friday (March 27).

DoubleDragon is also owned by Jollibee Foods owner Tony Tan Caktiong, who is the 8th richest in the Philippines according to Forbes magazine.