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Philippines' DoubleDragon to issue 9.7B-peso bonds for 2020 land bank target

DoubleDragon Properties Corp. will be issuing retail bonds worth 9.7 billion Philippine pesos to achieve its 1 million-square-meter leasable space target for 2020, The Philippine Star reported.

DoubleDragon Chief Investment Officer Hannah Yulo said the issuance will be the company's last fundraising to reach the target land bank, which is expected to increase net income by 4.8 billion pesos.

The April 10 report said the company has over 75 hectares of prime commercial properties in various cities. Average occupancy rate of DoubleDragon's 15 operational CityMalls across the Philippines is 95%. The company has 30 CityMalls under construction, 10 of which will be completed by the third quarter of 2017.

As of April 7, US$1 was equivalent to 49.76 Philippine pesos.