Property developer DoubleDragon Corp., the real estate firm led by tycoons Edgar “Injap” Sia II and Tony Tan Caktiong, seeks to launch a P10-billion retail bond issuance — its first and only offering for the year.
In a stock exchange report on Thursday, DoubleDragon said its Board of Directors has approved the bond program, which consists of a base offering of P5 billion, with an oversubscription option of an additional P5 billion.
The bond issuance is the second tranche under DoubleDragon’s Bond Program, which was approved by the Securities and Exchange Commission through shelf registration in 2024. A third tranche is planned for issuance in 2026.
The Philippine Rating Services Corp. (PhilRatings) has assigned an Issue Credit Rating of PRS Aaa to DoubleDragon’s bond. Additionally, PhilRatings has also given DoubleDragon an Issuer Credit Rating of PRS Aaa, the highest that the agency provides.
Dubbed the “DD New Year Triple-7 Retail Bond Offering,” this issuance incorporates the number 7 three times (777), symbolizing good luck.
DoubleDragon, which aims to become a Tier-1 mature company within the year, will use the funds from the bond issuance to help advance its strategy of building a stable, recurring revenue stream from its estate portfolio by next year.
It will also support its international expansion, with the Hotel101 brand — a unique, asset-light hotel model — set to generate significant dollar inflows.
DoubleDragon’s Hotel101 Global initiative aims to establish one million hotel rooms worldwide by 2050, with 50,000 rooms targeted for the Philippines.