DoubleDragon eyes P500-B revenues by 2035
DoubleDragon Corp., the property venture of tycoons Edgar Sia II and Tony Tan Caktiong, is pushing to reach P500 billion in revenues by 2035 as the developer pursues a massive expansion plan across the globe.
During the company’s annual stockholders meeting on Friday, Sia, chair of DoubleDragon, said they wanted their domestic portfolio to “fully mature and reach its optimal revenue generation level” by next year.
At the same time, the company intends for its offshore portfolio to “gain significant market grip.”
“These two straightforward goals are still exactly the same focused obsession we did the past year, and we have one more year from today to fully and completely accomplish that,” Sia said in his speech.
“Given the support of our whole DoubleDragon team, our DoubleDragon board and all the stakeholders, I can confidently say that yes, we can achieve those two goals on time as set in 2025,” he added.
This way, Sia said, DoubleDragon can reach its P500-billion revenue goal and exceed P50 billion in net income by 2035.
Last year, DoubleDragon’s earnings went up by 23.25 percent to P15.93 billion due to its growing asset portfolio. Revenues also ballooned by 75 percent to P24.74 billion.
Ambitious plans
This comes amid DoubleDragon’s massive local and international expansion plan.
In the next decade, the company plans to establish its presence across all 82 provinces in the Philippines.
It likewise wants Hotel101 Global, DoubleDragon’s homegrown condotel chain, to expand its footprint to 100 countries.
DoubleDragon is currently building Hotel101 branches in Spain and Japan, and a third offshore branch is set to be developed in the United States.
Overseas subsidiary Hotel101 Global is likewise on the path toward listing on the tech-heavy Nasdaq Stock Exchange in the United States, a move seen to unlock fresh gains for DoubleDragon.
Last month, DoubleDragon announced plans to pursue the stock market debut of its industrial warehouse subsidiary next year and raise new capital for expansion.
The 2025 listing of CentralHub Industrial Centers Inc. will pave the way for the country’s first industrial real estate investment trust.
