Developer DoubleDragon Properties announced Friday, December 14, 2018, that it will create international wholly-owned selling arm subsidiaries that will focus on pre-selling Hotel101 projects in Bohol, Boracay, Davao and Palawan.
The company said its Board of Directors approved Friday the creation of sales offices in Singapore, Hong Kong, Japan, London, Italy and the United States.
“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,” said Hannah Yulo, chief investment officer of DoubleDragon, in a statement issued Friday.
The next step is to set up several more sales teams abroad in preparation for the next four more Hotel101 projects in Davao, Boracay, Bohol and Palawan to start pre-selling next year with over P12.21 billion in new inventory,” she added.
The company reported sales of over P1.9 billion in 2018, an annual increase of 142.9 percent.
“Majority of new sales delivered was attributable to Hotel101 Fort which was well received by the market and hit a record P1.65 billion in sales since its launch just last March 2018,” Yulo said.
The company said it generates revenues twice from Hotel101 projects - “firstly, from the pre-selling of the units during the construction phase and secondly, once the projects are completed the properties start to generate recurring revenue from hotel operations,” said Edgar “Injap” Sia II, chairman of DoubleDragon.
Hotel101 Manila, which has 518 rooms, reported an occupancy rate of 83.7 percent for the January – November 2018 period.
“Early Hotel101-Manila unit owners have received 7.04 percent gross yield on their investment in the last 12 months, December 2017 to November 2018,” the company stated.
The planned Hotel101 Resort-Boracay, which will have 1,001 rooms, is envisioned to be the biggest in the country in terms of the number of rooms.
It will be built on a two-hectare property on the beachfront cove of Boracay Newcoast, a 150-hectare tourism estate developed by Megaworld subsidiary Global-Estate Resorts, Inc., the company said in a previous statement.
As of 3:20 p.m. Friday, DoubleDragon was trading at P18.18, up 2.25 percent from the previous close of P17.78. (Ventures Cebu)