Sia’s property venture with fellow tycoon Tony Tan Caktiong ended the past year with revenues of P24.74 billion, higher by 75 percent over 2022.
He recalled the modest initial public offering of DoubleDragon in 2014, which had “three small development projects and practically zero recurring revenue portfolio”.
“The DD team has continuously poured the necessary hard work, careful planning, and grit to passionately execute its set goals,” he added.
One of the company’s largest upcoming initiatives is a pioneering listing on the US Nasdaq exchange for the international subsidiary of condotel chain Hotel101 in preparation for an aggressive global push.
The company aims to list after completing a $2.3 billion merger with a US special purpose entity by the second half of 2024.
Sia said DoubleDragon’s balance sheet will grow after the US listing of Hotel101.
The company envisions operating one million Hotel101 rooms across over 100 countries, with 25 priority countries identified for expansion.
DoubleDragon has so far completed 1.3 million square meters of recurring revenue gross floor area from its provincial community malls, warehouse complexes, office buildings, and hotels.
Sia said these will be considered “mature assets generating optimum levels of revenues and income to DoubleDragon Corp. by 2025”.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
