DoubleDragon Properties Corp. has signed a joint venture with Jollibee Foods Corp. to build a 40-story commercial and corporate tower in Ortigas.
In a disclosure to the stock exchange, DoubleDragon said it signed a deal to build Jollibee Tower which will be located on a 3,200 square meters lot in the corner of F. Ortigas Road and Garnet Road at the heart of the Ortigas Central Business District.
Edgar “Injap” Sia II, DoubleDragon chairman and chief executive officer, said Jollibee, which owns the land, will get to select floors of the building to be used as their offices while the rest of the floors will be leased out to corporate and business process outsourcing companies.
The ground floor will include commercial spaces and drive-thru provisions while the 2nd and 3rd floors will house an event center.
Final details of the building including the construction cost will be finalised over the next couple of months.
The construction is expected to commence in the fourth quarter of 2015 and is expected to be completed within 2018.
Once fully developed, office tower is expected to generate about P350 million in annual rental revenues for DoubleDragon.
Sia said Jollibee Tower project completes the land needed to build DoubleDragon’s targeted 300,000 square metres of leasable commercial space and office space in Metro Manila.
The property firm, which aims to be one of the top five property developers in the country by 2020, is targeting to have 1 million of leasable space of which 30 percent will be in Metro Manila and 70 percent in provincial areas.
For this year, DoubleDragon will complete construction of 25 CityMalls. However only about five will be operational since the tenants would need couple of months for fit out after turnover of the project.