MANILA - DoubleDragon Properties Corp on Friday said its board has approved the creation of international subsidiaries for overseas sales expansions.
The creation of wholly-owned subsidiaries in Singapore, Hong Kong, Japan, London, Italy and the United States will focus on international pre-selling of Hotel101 projects in the Philippines, DoubleDragon said in a disclosure to the stock exchange.
“We are particularly pleased with the performance of our recently set-up in-house sales team that has made a substantial contribution to our revenue and cashflow stream this year. The next step is to set up several more sales teams abroad in preparation for the next 4 more Hotel101 projects,” said DoubleDragon's chief investment officer Hannah Yulo.
DoubleDragon plans to complete 1.2 million square meters of leasable space by 2020. The developer has interests in hotels, retail, office and industrial leasing.