DDMP REIT, Inc. on Thursday reported that it had booked P55.26 million in rental deposits for its DoubleDragon Plaza at DD Meridian Park in Pasay City.
In a regulatory filing on Thursday, the company said that about 15,100 square meters within the property were taken up valued at about P798.81 million.
“The new office space lease take up is expected to form part of the goal of DDMP REIT to achieve 95% occupancy by the end of 2023,” the company said.
It added that DoubleDragon Plaza expects an additional government agency, the property’s third state-led locator after the Philippine Economic Zone Authority and the Tourism Infrastructure Economic Zone Authority.
“[The property] is positioned as a mini central business district (CBD) in the Bay area given its prime landmark double corner location of EDSA, Roxas Boulevard and Macapagal Avenue in the Bay Area, Pasay City, Metro Manila,” the company said.
The complex currently houses eight commercial banks, several food chains, and a MerryMart supermarket on the ground floor.
“I am personally grateful to the whole DoubleDragon team with the support of all the DoubleDragon Group stakeholders that enabled the planting of the right quality of seeds at the right places over the years, which at this point starts to demonstrate its positive fundamental difference,” said DDMP REIT Chairman Edgar J. Sia II.
For the second quarter, the company reported an 8.2% rise in attributable net income to P539.36 million from P495.06 million in the same period last year.
Its revenues for the quarter went up by 11.4% to P663.6 million from P595.47 million a year ago.
DDMP REIT is the real estate investment trust of DoubleDragon Corp. Its property portfolio consists of three commercial properties in DD Meridian Park. These are DoubleDragon Plaza, DoubleDragon Center East, and DoubleDragon Center West.
On Thursday, DDMP REIT shares were unchanged at P1.29 apiece. — Adrian H. Halili