DOUBLEDRAGON Corp. on Wednesday said that its hospitality unit Hotel of Asia, Inc. had acquired the necessary permits to start selling units in its Libis, Quezon City property.
In a disclosure, the company said the unit had begun preselling for its new location and expects to generate P4.9 billion in unit sales.
“The Hotel101-Libis Bridgetowne units are seen as a solid investment since the unit owners are able to directly and perpetually own a real estate hard asset through the full ownership of the unit through a condominium title,” the company said.
It added that to date, the hospitality unit has fully secured all the necessary building permits and has commenced construction site activities.
The new Hotel101 location is expected to be completed by 2026.
Hotel101 earlier launched the Libis property, which is anticipated to have about 702 rooms.
“[it] is set to be the largest hotel in Quezon City with its pioneering standardized signature 21-square-meter (sq.m.) HappyRooms,” the company said.
The property is in a 2,547 sq.m. prime-titled commercial lot, which forms part of Bridgetowne District. It is across the upcoming Opus Mall shopping center by Robinsons Land Corp. within the Bridgetowne District.
Its amenities are set to include a gym and an outdoor infinity pool, all-day dining, a business center, and function rooms.
The unit has a pipeline of inventory from land sites in Cebu, Libis, Boracay, Palawan, and Bohol expected to generate P18.14 billion in revenues. This, however, excludes the dollar revenues to be generated from the overseas projects of Hotel101.
DoubleDragon said earlier that it had sold all 548 rooms in the Hotel101-Cebu Mactan Airport project during its pre-selling phase. The project is set to be completed after a year.
DoubleDragon is the parent company of Hotel of Asia, which operates Hotel101. Its other subsidiaries include CityMall Commercial Centers Inc., CentralHub Industrial Centers Inc., and DDMP REIT, Inc.
DoubleDragon shares fell by 1.62% or 11 centavos to P6.69 apiece on Wednesday. — A.H. Halili
