MANILA - DoubleDragon Properties Corp said Wednesday it broke ground on its ninth office tower and held a "topping off" milestone for its sixth.
DD Meridian Tower along Manila Bay will house 8 office buildings and one serviced apartment building, including the Ascott DD Meridian Park Manila. It is set to be completed by 2020.
The sixth tower, DD Center West, will be completed by the end of the year alongside DD Center East. The two towers will add 35,752 square meters of leasable space to the 138,503 sqm already completed in the area.
"As we complete more projects nationwide, our rental revenues will continue to grow exponentially quarter on quarter. DoubleDragon is now starting to harvest from the seeds that it has been planting around the country in the last 4 years," said DoubleDragon Chairman Edgar “Injap” Sia II.
The company is "generally unaffected" by rising borrowing costs since its notes and bonds have fixed interest rates for 7 to 10 years, chief investment officer Hannah Yulo said.