DoubleDragon Hits 1.5M GFA, Eyes Industrial REIT Launch

DoubleDragon Corporation has reached a major milestone with 1.5 million square meters of completed gross floor area (GFA) in its recurring revenue hard asset portfolio, following the completion of its fully pre-leased CentralHub warehouse complex in Cebu.

The newly completed 5-hectare Cebu facility adds to DoubleDragon’s expanding industrial real estate portfolio under CentralHub, a joint venture with Jollibee Foods Corporation.

“DoubleDragon is actively building out CentralHub’s industrial warehouse portfolio toward its goal to establish a PHP24.8 billion leasing portfolio and list the first industrial REIT in the Philippines,” the company said in a statement.

The CentralHub portfolio already includes Jollibee Foods Corporation’s largest commissary and distribution center in Laguna, highlighting its strategic value in logistics and food services.

The company’s total equity stood at PHP102.1 billion as of March 31, 2025, placing it among a select group of Philippine firms with equity exceeding PHP100 billion.

Its net debt-to-equity ratio of 0.76x remains one of the lowest among listed companies in the country, underscoring what the company called a “very healthy” financial position.

DoubleDragon’s balance sheet was further strengthened by the successful listing of its subsidiary, Hotel101 Global, on the U.S. NASDAQ in early 2025—making it the first Filipino-owned company to trade on the American tech-heavy stock exchange.

The listing marks a pivotal step in Hotel101 Global’s ambition to build one million hotel rooms across 100 countries, starting with its first international project in Madrid, Spain.

Hotel101 follows an asset-light, scalable business model that DoubleDragon says is “highly portable and exportable,” potentially creating significant foreign exchange inflows to the Philippine economy.

Backed by PRS Aaa (Triple A), the highest credit rating from Philippine Rating Services Corporation (PhilRatings), DoubleDragon has built a diversified portfolio of commercial properties, including community malls, office towers, warehouses, and hotels.

The company has completed commercial developments in underserved and remote regions such as Cotabato City, Dipolog City, Koronadal City, and Isulan, Sultan Kudarat—even reaching the Bangsamoro Autonomous Region in Basilan and Sulu.

“This strong provincial footprint enables positive economic growth to be felt by the real countryside,” the company noted, positioning its expansion strategy as both commercially viable and socially inclusive.

DoubleDragon’s hard assets are strategically located across Luzon, Visayas, and Mindanao and are expected to fully mature within 2025, establishing a long-term foundation of recurring revenue.

The company also holds overseas assets through Hotel101 Global, which is scaling up operations toward entering 25 countries within the next three years.

Principal shareholders of DoubleDragon Corporation include Injap Investments Inc., led by Mang Inasal founder Edgar “Injap” Sia II, and Honeystar Holdings Corp., led by Jollibee founder Tony Tan Caktiong.

DoubleDragon’s swift rise over the last decade—from provincial malls to international hotels—reflects not only the scale of its ambition but its strategy to export Philippine real estate innovation and hospitality branding globally.