Monday, August 31, 2015

New Jollibee Tower to rise in Ortigas


Fast food giant Jollibee Foods Corporation (JFC) will soon get a new office tower in Ortigas Center.

DoubleDragon Properties Corp. signed an agreement with JFC to build a 40-story office and commercial tower at the corner of F. Ortigas Jr. Road and Garnet Road in the Ortigas business district. Construction is scheduled to begin in the fourth quarter of 2015 and completion is expected within 2018.

The new "Jollibee Tower" is set to feature the company’s fast food brands and a drive-through provision on the ground level. The second and third levels are relegated to an event center. Office spaces are allotted JFC as well as to corporate businesses, including BPOs.

Furthermore, DoubleDragon issued that the tower will boast of a LEED certification.

"Jollibee Tower will be designed as a Grade A structure and is expected to secure Leadership in Energy and Environmental Design (LEED) certification in line with DoubleDragon's core values in promoting sustainable developments through 'green' technology," stated the developer in a disclosure.

"The exterior of the building will be made of double-glazed glass curtain wall for increased energy efficiency and the structure is poised to become one of the most prominent landmarks in the Ortigas Center skyline," according to the disclosure.

Up to P350 million is expected from the tower's rental revenues each year. 

DoubleDragon has stated that it intends to reach P1 billion in net income by 2016 and P4.8 billion by 2020. The company currently has a land portfolio of 42 hectares across the country, and over 560,000 square meters of leasable space. Jollibee Tower "completes the land needed to build DoubleDragon's targeted 300,000 square meters of leasable commercial and office space in Metro Manila," said the company.

"DoubleDragon's 5-year goal is to accumulate 1 million square meters of leasable space by 2020 and we have already secured over half of the land we need within the last 16 months since we listed on [the Philippine Stock Exchange," issued the company. Furthermore, it is "accumulating another 700,000 square meters of leasable retail space through the rollout of its 100 CityMalls across the provincial areas of the Philippines."


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