DoubleDragon Completes and Fully Leases 4.2-Hectare CentralHub-Capiz
DoubleDragon Properties Corp. (PSE: DD) has developed another CentralHub industrial warehouse complex located in Capiz province. CentralHub-Capiz is the 5th CentralHub nationwide. The 4.2 hectare industrial warehouse complex is now completed and 100% leased to tenants such as the area distributors of Prifood and Nestlé.
CentralHub-Capiz is strategically located along the Roxas – Ivisan Bypass Road just 11 kilometers from Culasi Port, Roxas City and 8 kilometers from the Roxas City Airport. CentralHub-Capiz is the 5th CentralHub industrial warehouse complex developed by DoubleDragon following the acquisitions of CentralHub-Davao, CentralHubDanao, Cebu, CentralHub-Iloilo and CentralHub-Tarlac. To date, a total of 27.5 hectares of prime industrial land has been acquired for CentralHubs with a total capacity of 126,033 square meters of leasable industrial warehouse space.
Each hub will contain modern standardized multi-use warehouses which is expected to fulfill the requirements of the top fast-moving consumer goods (FMCG) companies, retailers, fast food brands, cold storage providers, logistics operators and e-commerce companies alike.
CentralHub is envisioned to become the leading provider of industrial warehouses in the Philippines through the development of its first eight (8) CentralHub complexes by 2020. These first eight (8) CentralHub warehouse complexes are projected to have a total capacity of up to 400,000 square meters of leasable industrial warehouse space. The Company aims to have at least 100,000 square meters of leasable industrial warehouse space across these 8 sites completed by 2020. The long-term expansion plan is to have a CentralHub industrial warehouse complex in each of the 81 provinces in the Philippines.
“For CityMall, the locations of our current string of prime commercial properties across the provincial cities nationwide is already a very solid barrier to entry for that business. On the other hand, for CentralHub, the barrier to entry will be the strong ecosystem of tenants that CentralHub will host being one of the first movers in the modern industrial warehouse leasing segment. It is this ecosystem and our network of CentralHubs nationwide which we believe will enable CentralHub to dominate the industrial warehouse leasing segment in the Philippines in the years to come.” said DoubleDragon Chairman Edgar “Injap” Sia II.
“There are several catalysts that account for the strong demand for CentralHub industrial space, the major being (1) the urbanization of what were traditionally industrial areas which has resulted to the displacement of existing industrial locators (2) the strong growth of consumer-related companies both in existing and new areas they are expanding to and lastly (3) the fresh demand from rapidly growing e-commerce companies that are taking over new market share.” said DoubleDragon Chief Investment Officer Hannah Yulo.
The Company’s prime portfolio of leased space keeps growing alongside its recurring revenue in line with the DoubleDragon’s goal of becoming a 90% recurring-revenue focused company.
The Company targets to complete a leasable portfolio of 1.2 Million square meters by 2020 comprising of 700,000 square meters from 100 CityMalls, 300,000 square meters from its Metro Manila office projects DD Meridian Park and Jollibee Tower, 100,000 square meters from 5,000 hotel rooms of Hotel101 and Jinjiang Inn Philippines, and another 100,000 square meters of industrial space from various CentralHub sites across Luzon, Visayas and Mindanao.
DoubleDragon’s four pillars of growth continues to strengthen in provincial retail leasing, office leasing, industrial leasing and hotels which will provide the Company with a diversified source of recurring revenues backed by a string of appreciating hard assets.