DoubleDragon Group Chairman Edgar Sia II and Co-Chairman Tony Tan Caktiong at the groundbreaking ceremony … [+]
Photos taken by Ssangyong for Forbes
DoubleDragon, controlled by billionaire Tony Tan Caktiong and tycoon Edgar Sia II, aims to boost the property developer’s sales 20-fold to 500 billion pesos ($8.5 billion) by 2035 (from 25 billion pesos last year).
Sia, chairman and co-founder of DoubleDrgaon, said new malls in the Philippines and hotels built by Hotel101 at home and abroad will help drive growth and increase DoubleDragon’s net profit from P9.3 billion in 2023 to P50 billion in 2035. peso.
Sia said DoubleDragon Hotels aims to grow its fledgling Hotel101 brand from more than 1,000 rooms in two locations in Metro Manila to more than 500,000 rooms in more than 100 destinations around the world in the next decade. Forbes Asia In an interview published in February. The company is financing the development of its first three overseas hotels in Japan, Spain and the United States, while looking for potential partners in Asia, Europe and North America – owners who have signed management contracts or franchise agreements with Hotel101.
The company aims to “generate more than P12 billion in cash dividends annually, derived from the income of various foreign companies” [properties] The flow goes back to Philippine listed company SsangYong,” Sia said.
Sia said properties in the Philippines, including office towers, hotels, shopping malls and warehouses, will “fully mature and reach optimal income-generating levels” next year. DoubleYong currently has assets in 50 locations across the Philippines and plans to expand to more than 32 locations by 2035.
With expected cash flow from the properties, SsangYong hopes to repay all debt by 2035, Sia said.
Sia’s entrepreneurial journey began in 1996 when, at the age of 19, he dropped out of architecture school and led a group of classmates to build a hotel for business travelers in his hometown of Iloilo, an island in the central Philippines. In 2003, he founded the grilled chicken restaurant chain Mang Inasal, which was eventually sold to Tan’s Jollibee Foods, the country’s number one fast food chain.
When the Philippine Rich List was released in August, Sia ranked 39th with a wealth of US$340 million. Mr. Chen’s net worth is $2.9 billion, ranking him sixth.
