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.
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