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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