DoubleDragon acquires foreclosed Globe Asiatique property

Posted at 09/01/14 11:48 AM

Skysuites Tower

MANILA, Philippines - DoubleDragon Properties has acquired the foreclosed Skysuites Tower property, formerly owned by Globe Asiatique, in Quezon City.

In a disclosure to the stock exchange, DoubleDragon said it signed an agreement with Rizal Commercial Banking Corp. (RCBC) for the acquisition of the Skysuites Tower on Monday.

DoubleDragon, owned by Jollibee founder Tony Tan Caktiong and Mang Inasal founder Edgar "Injap" Sia, did not disclose the acquisition price.

Skysuites Tower is a 38-storey commercial, office and residential building on a 2,811.60 square meter prime lot at the corner of EDSA and Quezon Avenue.

DoubleDragon said it plans to relaunch and rebrand the project with the year. "DD will make the project one of the most iconic and prominent landmarks along EDSA," the company said.

"DD will continue both the construction and the sale of the remaining inventory of the residential units and intends to retain the commercial and office spaces for DD's recurring rental income,"it added.

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.

RCBC foreclosed the Skysuites Tower property in September 2010.

Globe Asiatique's president Delfin Lee and other officials were embroiled in a scandal involving allegedly anomalous housing loans given to "ghost" borrowers.

Last July, Philippine National Police's Task Force Tugis operatives arrested Lee, an accused in the P6.6 billion housing scam, at the lobby of the Hyatt Hotel in Pasay City.