DoubleDragon to open 13 properties, outlets in second half as core profit jumps
Key Takeaways
- •DoubleDragon's first-half core net income rose 161.89% to P2.41 billion, while core revenues grew 70.2% and consolidated revenues increased 23% to P8.55 billion.
- •The company plans 13 openings in the second half, comprising three CityMall community malls, two CentralHub warehouse complexes, five MerryMart supermarkets, and three Hotel101 properties in Davao, Cebu, and Niseko, Hokkaido.
- •DoubleDragon expects its shift from fair value gains toward recurring and core operating revenues to be substantially completed from 2028 onward.
- •The board approved the creation of Singapore special-purpose vehicle DD Hotel101 Worldwide One, intended to sponsor a S$300-million hospitality REIT for listing on the Singapore Exchange.
- •The 702-room Hotel101-Libis project has topped off and is expected to become Quezon City's largest hotel by room count, while Hotel101-Madrid has recorded periods of full occupancy since opening in March.
DOUBLEDRAGON CORP. plans to open 13 malls, warehouses, supermarkets and hotels in the second half of the year as its core net income jumped 161.89% in the first six months.
In a statement on Monday, the property company said it will launch three additional CityMall community malls, two CentralHub warehouse complexes, five full-sized MerryMart supermarkets and three Hotel101 properties in Davao, Cebu and Niseko, Hokkaido before yearend.
The planned openings add to a portfolio that spans community retail, logistics, grocery and hospitality, areas that are increasingly central to how the company is building recurring income.
DoubleDragon reported core net income of P2.41 billion for the six months ended June, while core revenues rose 70.2%.
Consolidated revenues increased 23% to P8.55 billion from a year earlier.
The company expects core revenues to climb further in the second half, supported by leasing income from its property portfolio, the new mall and warehouse openings, additional office tenants, five new MerryMart supermarkets and expected unit sales from Hotel101 projects in the Philippines and overseas.
“Notably, DoubleDragon’s core revenues continue to accelerate strongly, and as expected being part of its growth trajectory, the company continues its transition away from fair value gains and towards recurring and core operating revenues as the investment and leasing properties gets completed and starts to generate recurring revenues,” the company said.
DoubleDragon said the shift toward recurring and core operating revenues is expected to be substantially completed from 2028 onward.
Hotel101-Madrid, which opened in March, has recorded periods of full occupancy, the company said. The company is also preparing for increased demand tied to events in Madrid.
In the Philippines, the 702-room Hotel101-Libis project at Robinsons Bridgetowne Estate has reached the topping-off stage. Once completed, DoubleDragon said it expects the property to be the largest hotel in Quezon City by room count.
Meanwhile, DoubleDragon’s board approved the creation of Singapore special-purpose vehicle DD Hotel101 Worldwide One, which the company plans to sponsor as a S$300-million real estate investment trust focused on hospitality assets.
The proposed REIT is intended to be listed on the Singapore Exchange and support Hotel101’s expansion in the Philippines and overseas.
As of June 30, DoubleDragon had total assets of P246 billion, up from P225.3 billion at the end of 2025. Total equity stood at P105.7 billion, up by P4.1 billion from yearend.
On the local bourse on Monday, DoubleDragon shares rose 0.17% to P12.12 apiece. — Alexandria Grace C. Magno
