By Jenniffer B. Austria | Sep. 02, 2014 at 12:01am [ manilastandardtoday.com ]
DoubleDragon Properties Corp. said Monday it has completed the acquisition of the foreclosed 38-story residential and office tower along Quezon Ave. in Quezon City built by Globe Asiatique Realty Holdings Corp. of controversial businessman Delfin Lee.
DoubleDragon said in a disclosure to the stock exchange it signed an agreement to acquire Skysuites Tower from Rizal Commercial Banking Corp., which foreclosed the property located at the corner of Edsa and Quezon Avenue. The tower is now the tallest and most recognizable landmark in the area.
The tower was built by Double Asiatique, which ran into trouble after Lee, its founder, was accused of using ghost borrowers to obtain P6.6 billion in housing loans from Pag-IBIG Fund. Lee was arrested in March this year.
The newly listed property developer, which is jointly owned by Jollibee founder Tony Tan Caktiong and Mang Inasal founder Edgar Sia, did not disclose the terms of the agreement, including the acquisition price.
The project, however, is expected to contribute P5.2 billion in revenues and significantly add to the company’s net income starting the second half of 2014.
DoubleDragon said it would continue both the construction and sale of the remaining inventory of the residential units and would retain the commercial and office space to generate recurring rental income.
DoubleDragon also said it would relaunch and rebrand the project within the year.
The property is a 38-story commercial, office and residential skyscraper that sits on a 2,811.60-square-meter prime lot at the corner of Edsa and Quezon City, a few meters away from the MRT station.
The project was designed to have two towers--a semi-circular residential tower and a curvilinear office tower with a commercial and parking podium that connects the two towers.