Injap Sia’s Doubledragon Raising P66 Billion From REIT Offering

It will use the funds for expansion in the provinces.

Doubledragon Properties Corp. is planning to list shares in a real estate investment trust (REIT) worth up to $1.3 billion or around P66 billion starting this year for the next five years. The listed property development giant co-founded and chaired by Edgar “Injap” Sia, first made known its plans to list its assets under an REIT last year, but this is the first time it has confirmed the move. 

In a report by Reuters, DoubleDragon said it is planning annual share sales of $217.56 million, or about P11 billion in its REIT from 2020 to 2025. The company will use the funds raised from the REIT sale for provincial projects.

Sia added that each REIT offer will include 200,000 square meters of DoubleDragon’s leasing assets.

Doubledragon has four major subsidiaries—CityMalls Commercial Centers Inc. for provincial retail leasing, DD Meridian Park Development Corp for office leasing, Hotel of Asia Inc. for hotels, and Central Hub for industrial leasing—all of which the company has indicated it plans to list under the REIT landscape.

The company is also known for being one of the largest landlords of Philippine online gaming operators (POGOs), a vast majority of which employ Chinese workers from the mainland. 

What are REITS

REITs are essentially corporations that manage real estate assets that produce regular income such as hotels, apartment buildings, office and commercial buildings, and shopping malls. According to the Securities and Exchange Commission, besides providing real estate companies a cheaper source of capital and promoting economic development, growth in tourism and liquidity in the capital markets, REITs allow both small and large investors to participate in the direct ownership of real estate and is an alternative investment instrument to foreign investors as well as OFWs.


Although the law that created REITs was passed in 2009, many companies shied away from participating because of high public ownership requirements and transaction taxes. The Doubledragon REIT is only the second REIT share sale in the country after Ayala Land filed an application for a share sale worth up to $289 million or about P14.4 billion last week.

Doubledragon, which Sia co-founded with Jollibee Foods Corporation Chairman Tony Tancaktiong and listed in the stock market in 2014, has long sought to have a total gross leasable space of one million square meters by 2020, broken down into office leasing, provincial retail and industrial warehouses.

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Paul John Caña
Associate Editor, Esquire Philippines
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