Injap Sia’s DoubleDragon carries strong growth momentum into 2022, Q1 profit jumps 41%

 

DoubleDragon delivered another solid quarter of growth, with its net income soaring to P290.76 million from only P205.67 million in the same period last year.

Revenues rose 11.8 percent to P1.7 billion on higher real estate sales. Rental revenues increased to P903.17 million or 52.7 percent of the total.

Hotel revenues accounted for P119.53 million or seven percent of the consolidated revenues. This was 12.8 percent lower than the previous year due to the decrease in occupancy rate for certain properties.

Interest income plunged by 88 percent to ₱1.96 million as a result of the decrease in the company’s deposit placements with financial institutions.

DoubleDragon has already surpassed its 1.2 million square meter target of completed portfolio nationwide. This is expected to generate cash flows and project yields that will organically grow without continuous capital outlay, primarily driven by the embedded escalation rates in its lease contracts with its tenants.

The company has established a successful track record of expansion by accumulating an investment property portfolio with a total value of ₱112.39 billion as of end-December.

SOURCE: Bilyonaryo

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Injap Sia’s REIT posts 41% jump in 2021 profit

 

DoubleDragon Properties’ real estate investment trust saw its net income grow 41.04 percent to P7.17 billion last year, driven by higher rental earnings.

In a regulatory filing, DDMP REIT said lease income rose 13.8 percent to P2.18 billion.

Total assets grew 10.6 percent to ₱50.18 billion while total equity climbed 15.36 percent to nearly P41 billion.

DDMP REIT approved a cash dividend amounting to P495.85 million or P0.027814 per share to all shareholders as of record of May 19, payable on May 31.

“We are pleased that DDMP REIT declared this dividends covering the income generated from the fourth quarter of 2021. The total dividends paid last year including this dividend has amounted to ₱2.21 billion. Another round of dividends for the first quarter of 2022 is expected to also be declared this month,” said DDMP REIT Fund Managers Inc. president Hannah Yulo-Luccini.

DDMP REIT chairman Edgar Injap Sia said “each share of DDMP REIT with a current book value of P2.30 per share is a very solid share to own”, noting that 100 percent of its leasable space sits on prime commercial titled land that the company perpetually owns.

The company expects earnings to grow with the addition of more assets, including DoubleDragon Tower, the seventh completed office tower in DD Meridian Park complex which will be ready for turnover to its tenants by June. 

SOURCE:Bilyonaryo

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Find out where Tan Caktiong, Injap Sia used up DDMPR’s remaining P6B IPO funds

DDMP REIT, Inc. (DDMPR), a partnership between bilyonaryos Tony Tan Caktiong and Injap Sia, has deployed all of the unspent funds from its P10.3 billion initial public offering in March 2021.

DDMPR spent P6.1 billion in the first three months of 2022 to fund the ongoing construction of 10 hotels, 10 CityMall commercial centers, and five residential projects.

Its hotel projects in the last three months are:

* Hotel 101 Fort P468.44 million
* Hotel 101 Davao P439.1 million
* Jinjiang Inn – Boracay Newcoast P414.128 million
* Hotel 101 Resort Boracay P396 million
* Hotel 101 Libis P329.4 million
* Hotel 101 Mactan, Cebu P311 million
* Hotel 101 Bohol P294.3 million
* Hotel 101 Guimaras, Amount: P238.3 million
* Baguio Hotel P266.07 million
* Hotel 101 Palawan P120.5 million

Its residential projects by DDMP Serviced Residences, DD HappyHomes Residential Centers, and Green Coast Development PH are:

* DDHH-Zarraga P157.6 million
* GreenCoast Guimaras P134.8 million
* Ascott-DD Meridian Park P124.34 million
* DDHH-Tanauan P98.1 million
* DDHH-Mandurriao P79.55 million

DDMPR’s CityMall projects are during the period are:

* CM Northtown Davao P367 million
* CM Antique P318.25 million
* CM Bacalso P298.1 million
* CM Surigao P238.6 million
* CM Ormoc P222.5 million
* CM Ozamiz P222.3 million
* CM Guiwan P217 million
* CM Gen. Trias P128 million
* CM Palo P128 million
* CM Los Baños Bay P125.14 million

SOURCE: Bilyonaryo

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Sia, Tan Caktiong to trash spending plan amid DoubleDragon REIT IPO flop

Ultra bilyonaryo Tony Tan Caktiong and his partner Injap Sia are making massive changes to the spending plan of DoubleDragon Meridian Park Properties’ real estate investment trust (DDMPR) which is one of the biggest initial public offering (IPO) busts of 2021.

DDMPR, which has plunged 30 percent from its IPO price of P2.25 in March 2021, has canceled allocations for eight projects and slashed the budget of 10 other projects supposedly due to “COVID-19 pandemic and the different community quarantines and government restrictions on movement of persons and business operations.”

DDMPR dumped six central hub projects in Zamboanga, Butuan, Naga, Bohol, Palawan and Bulacan, a beachfront project in Mactan Cebu, and its allocation for DD Meridian Tower in Pasay City (management realized that its subsidiary had enough cash to finish the towers on its own).

The company also cut back by a total to P2.26 billion the budget for its Robinsons Double Dragon Square project in Bridgetowne, Quezon City and the allocation for nine central hub projects in Surigao, Negros, Cagayan de Oro, Tuguegarao, General Santos, Leyte, South Luzon, Cebu and Zamboanga. DDMPR said the cost reduction was due to “adjustment in the priority developments, development size, and timetable.”

The P5.456 billion it saved from the cancellation and downsizing of projects would now be spent for 23 new projects – the Ascott in Meridian Park; Greencoast three Happy Homes residential projects; eight Hotel 101 projects; and 10 community malls.

DDMPR, which called the spending overhaul “reprioritization of projects to optimize expenditures”, still has P6.0096 billion left as of 31 December 2021 from the P8.982 billion net proceeds of its IPO (DDMPR burned P935 million of its proceeds to stabilize its stock to no avail).

SOURCE: Bilyonaryo

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Sia-Tan Caktiong’s winning formula: DoubleDragon doubles profits with appraisal gains from buildings, lands ahead of $75B Singapore bond offer

Re-appraise, revalue, and repeat.

This has been the major strategy of bilyonaryos Injap Sia and Tony Tan Caktiong to crank up the bottomline of DoubleDragon (DD) every year.

Sia and Tan Caktiong went to this tried and tested formula again when it tweaked its third quarter report to double its profits due to a revaluation of its land and buildings as it prepares to raise up to $75 million from a top up placement of its Singapore -listed bonds..

In its amended quarterly report, DD adjusted several items in its third quarter financial report with the biggest change in made in non-operating income which ballooned from the original report of P746 million to P7.3 billion in the first nine months of 2021.

The re-appraisal and revaluation of its buildings and assets increased its profits from P4.178 billion to P8.31 billion; total assets from P129 billion to P136.59 billion; and total equity from P64 billion to P68.57 billion.

The revaluation improved its debt to equity ratio to .63 times or way below its D/E ceiling of 2.33 times.

DD explained: “Amendments were made to align with the company’s reviewed financial statements that will be filed in relation to the planned Reg S Tap on DoubleDragon’s outstanding US dollar-denominated Senior Guaranteed Long Term Bonds due in 2025…The planned Tap Offering will be the second tranche to increase the already listed maiden US dollar Bonds of DoubleDragon’s wholly owned offshore subsidiary DDPC Worldwide in the Singapore Exchange due in July 2025.”

An official from a major property developer was surprised by DD’s massive adjustment to its books prior to its foreign fundraiser. “It’s not a normal practice here, especially among major players,” said the official.

A stock analyst pointed out DD made billions from appraisal gains of its buildings and lands – P9.627 billion in 2018; P13.5 billion in 2019; P8.361 billion in P2020; and P6.568 billion as of the first nine months of 2021.

“DD does not depreciate its assets, it revalues its assets and the appreciation is booked as gain. In normal accounting, DD has to show the depreciation expense as a conservative approach. Makes you wonder if it discloses the appraised value of its assets. If DD books P5 billion in appraisal gains, in 10 years, it would have valued these assets at P50 billion,” the analyst said.

SOURCE: Bilyonaryo

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No respect to buyer! Injap Sia-Tan Caktiong’s Double Dragon refused to give condo title more than 3 years after full payment

A sister of property developer Delfin Lee is seeking P10 million in damages against DoubleDragon Corp. (DD) of bilyonaryos Injap Sia and Tony Tan Caktiong for failing to provide her condominium title more than three years after full payment.

In its February 16 complaint filed with the Human Settlements and Adjudication Commission (HSUD), Worldwood Trading of Adelina Lee Chen accused DD of giving it the run-around when it demanded the release of the title to a 424-square meter unit in Skysuites Tower at the corner of Quezon Avenue and EDSA.

(Skysuites was the flagship project of Delfin’s Globe Asiatique until it was foreclosed by Rizal Commercial Banking Corp. and acquired by DD in 2014).

Due to DD’s refusal to release the CCT, Worldwood said it could not use the property as collateral for bank loans especially during the pandemic which broke out in March 2020.

Under the law, developers are supposed to release the deed of sale and transfer of title within six months after full payment.

In Worldwood’s case, DD only acknowledged the sale in 2019 but has not released its condominium certificate of title (CCT) as of this writing. (DD finally released the deed of sale to Worldwood just days after the case was filed with HSUD).

Worldwood said that every time it emailed or called DD, the company’s officials and staff could not provide concrete and specific information on the release of the CCT.

After getting the cold shoulder from DD, Worldwood was forced to file a complaint with the Department of Human Settlements and Urban Development in July 2021. Worldwood said DD finally responded to its demands only after the DHSUD stepped in.

Even after a conciliation meeting arranged by DHSUD, DD still refused to commit to release Worldwood’s CCT on or before the end of April 2022.

In a statement to Bilyonaryo.com, DD belittled Worldwood’s complaint and claimed it was surprised by the complaint because DD and Worldwood have been in constant communication.

“This is a non-issue at this point until the lapse of the April 30, 2022 delivery date of the title. The title is expected to be released the soonest possible time,” said DD.

“The said unit has already been turned over to WorldWood and was duly accepted by them. On process is the release of their Condominium Title which, in a meeting with the presence of the (DHSUD), the April 30, 2022 delivery date was set because we are still following up with government agencies which is beyond our control, including the effects of Covid in their respective agencies’ operations,” DD added.

In its complaint, Worldwood claimed DD has been having trouble releasing the title of Skysuites because it has “no valid title to the property.”

“The lapse of more than three years for the release of title is obviously an unreasonable and unjustifiable length of time, especially from one of the biggest developers in the country. (DD) used the investment of (Worldwood) for more than three years since it fully paid the subject property,” Worldwood said in its complaint.

SOURCE: Bilyonaryo

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REITs steal spotlight, pull in P76B in equity offerings in 21 months

The Philippine Stock Exchange saw a flurry of REIT (real estate investment trust) listings with around P76.4 billion raised in less than two years.

Gokongwei-led Robinsons Land Corp. pulled off 2021’s largest initial public offering at P21.56 billion. The maiden share sale of bilyonaryo Andrew Tan’s Megaworld REIT came in second with P15.29 billion followed by Injap Sia’s DD Meridian Park REIT (P14.7 billion), Filinvest REIT (P12.58 billion and Ayala Land’s AREIT (P12.28 billion).

The total size or market capitalization of these REITs amounted to $3.46 billion or 0.96 percent of the Philippines’ gross domestic product (GDP) of $362.24 billion as of the third quarter of 2021, based on the global survey conducted by the European Public Real Estate Association (EPRA).

This places the country’s less than 2-year old REIT sector in the middle of the pack among 12 selected economies in the South and East Asian regions in the EPRA Index, ahead of Taiwan, South Korea, India, Indonesia, and China, the Securities and Exchange Commission said in its report to Finance Secretary Carlos Dominguez.

The finance chief said the successful initial public offerings (IPOs) of REITs reflect a “vote of confidence in the country’s ability to tread a path towards a solid recovery despite the difficulties spawned by the unprecedented pandemic-induced health and economic crises.”

The 5 REITs that have raised funds from their IPOs and stock trading have reinvested or plan to reinvest their proceeds in malls, office towers, hotels, dormitory residences, warehouses and storage buildings, residential buildings, mixed-use developments, and industrial lots and land acquisitions, retail projects, commercial center, industrial developments and real estate joint ventures.

Of the P79.87 billion required to be reinvested by the 5 REITs, a total of P22 billion had been reinvested as of Nov. 15 by AREIT, DDMP, FilREIT, and RCR.

 SOURCE: Bilyonaryo

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DoubleDragon joins FTSE Global Equity Index Series

Bilyonaryo Edgar Injap Sia’s DoubleDragon Properties Corp. has been added to the FTSE Global Equity Index Series (FTSE GEIS) Asia Pacific for Ex Japan and Ex China.

FTSE GEIS provides a robust global equity index framework and is used by many top equity investment fund managers globally.

Sia, DoubleDragon chairman, said this notable recognition of the company in the international capital markets would increase DoubleDragon’s visibility among both domestic and global investors.

“We are pleased to be included in one of the most reputable and recognized global equity indices in the world. This FTSE Global index inclusion will further inspire DoubleDragon to solidify the company’s fundamentals for the benefit of all its stakeholders,” said Sia.

He said 2021 is shaping up to be a milestone year for the company as it has “significantly boosted both its cash and equity position with the recent ₱14.7 billion REIT listing and the ₱3.97 billion CentralHub equity partnership with Jollibee.”

According to Sia, DoubleDragon has P61.03 billion in total equity, one of the highest among other listed companies.

The company’s net debt to equity ratio is also among the lowest and healthiest, said DoubleDragon chief investment officer Hannah Yulo-Luccini.

DoubleDragon is set to end 2021 with 1.2 million square meters completed gross floor area.

SOURCE: Bilyonaryo

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