DoubleDragon completes Cebu industrial hub, boosting REIT listing strategy

DoubleDragon Corp., the property developer led by tycoons Edgar "Injap" Sia II and Tony Tan Caktiong,  has reached a milestone of 1.5 million square meters in gross floor area of completed recurring revenue assets, following the full turnover of its pre-leased 5-hectare CentralHub Cebu warehouse.

The company is ramping up its industrial leasing portfolio under CentralHub, a joint venture with Jollibee Foods Corp., as it targets a P24.8 billion valuation ahead of launching the Philippines’ first industrial real estate investment trust.

CentralHub already houses Jollibee’s largest commissary and distribution hub in Laguna.

DoubleDragon’s equity stood at P102.1 billion as of March 31, 2025, with a net debt-to-equity ratio of just 0.76 times—one of the lowest among listed firms.

Its global expansion push also gained traction after Hotel101 Global, its international subsidiary, made history as the first Filipino-owned company to list on the NASDAQ.

Hotel101 aims to scale up to 1 million rooms in 100 countries, backed by a portable, asset-light model.

DoubleDragon’s newly completed CentralHub Cebu spans 5 hectares and is fully pre-leased, marking a key addition to its 1.5 million sqm recurring revenue asset portfolio.

—Edited by Miguel R. Camus