Tycoon Injap Sia reflects on humble start as DoubleDragon surges with P15.9 billion profit

A nostalgic Edgar “Injap” Sia II praised the management and workers at DoubleDragon Corp. (DD) for their grit and hard work as the real estate developer saw profits soar over 23 percent to P15.9 billion last year.

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. 

Zero recurring revenues

He recalled the modest initial public offering of DoubleDragon in 2014, which had “three small development projects and practically zero recurring revenue portfolio”. 

Edgar "Injap" Sia II
“Fast forward today, DD has grown its total assets to P181 billion pesos, and is set to further strengthen with the upcoming completion of seven more buildings to add to DD's portfolio this year 2024,”

“The DD team has continuously poured the necessary hard work, careful planning, and grit to passionately execute its set goals,” he added.

Hotel101 growth driver 

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. 

“We believe the Hotel101 novel and unique concept and business model that has never been done yet in any other country, and is ready for export to other parts of the world,” 
- Edgar “Injap” Sia II

The company envisions operating one million Hotel101 rooms across over 100 countries, with 25 priority countries identified for expansion.

Optimum revenue creation in 2025

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”. 

About the author
Miguel R. Camus
Miguel R. Camus

Miguel R. Camus has been a reporter covering various domestic business topics since 2009.

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