Pasay—(PHStocks)—DoubleDragon Properties Corp. (PSE: DD) through its subsidiary DD-Meridian Park Development Corp. signs an agreement to develop a five-star luxury serviced apartment as the third phase of its flagship project DD Meridian Park located at the Bay Area, corner Macapagal Avenue and EDSA Extension, Pasay City, Metro Manila.
Ascott-DD Meridian Park Manila will sit on a 5,567 square meter lot within the 4.8 hectare complex and is expected to have over 300 luxury serviced apartment units.
The Ascott Limited is one of the leading international service residence owner-operators in the world with more than 300 properties in over 100 cities spanning more than 25 countries across the Americas, Asia Pacific, Europe and the Middle East.
Ascott is a member of CapitaLand, one of Asia’s largest real estate companies. Headquartered and listed in Singapore, it is an owner and manager of a global portfolio worth more than S$78 billion as of March 31, 2017.
The location of the upcoming Ascott-DD Meridian Park Manila is very ideal for the project given its close proximity to the Manila Domestic and International Airport, Department of Foreign Affairs, Mall of Asia and the Entertainment City.
Construction of Ascott-DD Meridian Park Manila is set to break ground within the year and is expected to be completed and operational by 2020.
The 4.8 hectare DD Meridian Park will consist of 8 towers that is expected to have about 230,000 square meters of leasable space. The first phase with 4 towers named DoubleDragon Plaza is set to be completed by the last quarter of this year 2017, while the second phase DoubleDragon Center-East and DoubleDragon Center-West is expected to be completed by the last quarter of 2018. The development of Ascott-DD Meridian Park Manila is the third phase of the complex and is expected to further enhance the profile of the entire development and meaningfully contribute to the recurring revenues of DoubleDragon.