Injap Sia's DoubleDragon Properties Takes First Step to Becoming a Full-Fledged Conglomerate
DoubleDragon Properties is no more. In its place is DoubleDragon Corporation.
The listed property firm said Thursday that its board had approved the name change in order for it to become an investment holding company.
“DoubleDragon is now ready to begin its new journey as it aspires to become one of the most active, durable and responsible Filipino conglomerates,” said DoubleDragon Chairman Edgar “Injap” Sia II. "As our world pivots to a new economy, we view this as the right time for DoubleDragon to prepare itself for opportunities that will present itself along the way as we navigate out of this global pandemic," he added.
Jollibee Foods Corp. founder Tony TanCaktiong, who is also co-chairman of DoubleDragon, said that his decision to partner with the Sia family was proven right as the company has grown tremendously over the years.
“(F)rom a small startup, (the) company has transformed into a company with now over P122.5 billion in assets,” TanCaktiong said. “DoubleDragon is now in an excellent position where it can capitalize on its strong balance sheet to add worthwhile investments outside of the property sector that would have massive growth potential.
“I am personally excited for what the future holds for the new DoubleDragon,” he added.
Sia established DoubleDragon Properties in 2009 as a real estate company and entered into a joint venture with TanCaktiong in 2012. The company currently owns land where it has built community malls, office, residential and other types of developments. It also successfully listed a real estate investment trust called DDMP REIT last month. The company reported a net income of P15.65 billion from revenues of P20.2 billion in 2019.