Listed property developer DoubleDragon Properties Corp (DoubleDragon) has acquired a 3.9-hectare property in Iloilo City, located just 5 kilometers from the international airport and 10 kilometers from the city proper.
In a disclosure, DoubleDragon said the acquisition was carried out by its industrial leasing subsidiary, CentralHub Industrial Centers Inc, marking the second CentralHub complex in the Philippines following CentralHub Tarlac, which is now under construction.
CentralHub-Tarlac sits on a 6.2-hectare lot with a capacity of 32,000 square meters of leasable space once fully developed, while CentralHub-Iloilo will have a capacity of 22,000 square meters of leasable space once fully developed.
CentralHub is envisioned to become the leading provider of industrial warehouses in the Philippines through the development of its first eight CentralHub sites by 2020, 2 in North Luzon, 2 in South Luzon, 2 in Visayas and 2 in Mindanao. The first 8 CentralHub sites are targeted to have a total land area of 100 hectares.
Each CentralHub site will contain modern standardized multi-use warehouses suited for commissaries, cold storage, light manufacturing, and logistics distribution centers. CentralHub intends to have an initial 100,000 square meters of leasable industrial space by 2020.
Currently, the first two sites, CentralHub-Tarlac and CentralHub-Iloilo once fully developed can contribute approximately 54,000 square meters or 5.4 hectares of leasable industrial space.
“As a new player in an already mature real estate industry which has been dominated by large established players for decades, we are focused in segments within the real estate space where we still have an opportunity to organically dominate, such as industrial leasing, provincial community mall leasing, and hospitality,” said Edgar Sia II, Chairman of DoubleDragon.
DoubleDragon recently revised its 2020 vision upwards from accumulating 1 million square meters of leasable space to 1.2 million square meters in line with its goal of having 90% of its revenues from diversified recurring revenue sources backed by a string of appreciating hard assets.