Monday, September 1, 2014
MANILA, Philippines - Double Dragon Properties acquires foreclosed mix property recently owned by Globe Asiatic Realty Holdings Corp, the Skysuites Tower.
DoubleDragon is a 50-50 joint venture between Injap Investments Inc and Honeystar Holdings Corp. Jollibee founder Tony Tan Caktiong owns Honeystar, while Mang Inasal founder Edgar "Injap" Sia II owns Injap Investments. The plan is to relaunch and rebrand the commercial and residential property by within this year and plans to make the “one of the most iconic and prominent landmarks along EDSA.”
The building is a 38-story commercial, residential, and office tower rising 2,811. 6 square meter prime lot located at the corner of EDSA and Quezon Avenue. The two-tower structure will have a semi-circular residential tower and a curvilinear office tower with a commercial and parking podium that connects the two towers.
DoubleDragon will continue the construction and the sale of the remaining inventory of the residential units and intends to retain the commercial and office spaces for the recurring rental income.
The property company said the Skysuites Tower is expected to contribute P5.2 Billion in revenues. It is expected to start contributing to DoubleDragon’s net income by the second half of 2014.
The property developer engaged Isla Lipana and Co. (PriceWaterhouseCoopers-PWC) as its legal, tax and financial advisor for this potential acquisition.
Skysuites was foreclosed by RCBC in September 2010. The land title of the property was transferred to the name of RCBC in December 2010 and there is no pending case between RCBC and GARHC pertaining to this property, based on an earlier disclosure.