DoubleDragon Corp. kick-starts construction of Hotel 101-Niseko in Japan, eyeing sales revenue of 7.12 billion Thai baht

14/10/2023

Source: https://thethaiger.com/

Groundbreaking starts on DoubleDragon's Hotel 101-Niseko project in Japan

Construction has officially begun on DOUBLEDRAGON Corp.’s Hotel 101-Niseko project in Hokkaido, Japan, the company confirmed on Tuesday. A groundbreaking ceremony was held on the 1.17-hectare property site on Saturday, attended by high-ranking corporate and local government officials.

Among the attendees were DOUBLEDRAGON Corp. Chairman, Edgar Injap Sia 2nd, Jollibee founder and DoubleDragon Corp. Co-Chairman, Tony Tan Caktiong. They were joined by Niseko Mayor, Kenya Katayama and Kutchan Hokkaido Mayor, Kazushi Monji.

Hotel101-Niseko is poised to be one of the biggest value hotels in the Niseko area, with 482 units designed to offer comfort, convenience and accessibility to various types of travellers. The company estimates that the development could potentially generate around US$128.88 million, equivalent to approximately P7.12 billion in unit sales revenue.

DOUBLEDRAGON Corp. is confident in the project’s appeal to buyers, as unit owners will have the opportunity to directly and perpetually own a tangible asset. The company’s near-term expansion roadmap for the Hotel101 Global brand includes construction in 25 countries by 2026, with certain projects already in progress.

The first three overseas Hotel101 projects are located in Niseko, Japan; Madrid, Spain; and California, USA. Additional planned locations for Hotel101 developments include the United Kingdom, United Arab Emirates, India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France and China.

DOUBLEDRAGON Corp.’s financial performance for the first half of this year saw a net income of P1.6 billion, slightly higher than the P1.59 billion recorded the previous year. Consolidated revenues also increased by 15.62%, to P3.94 billion from P3.41 billion. The company attributes this revenue gain to increased foot traffic in their developments and improved rental income, as the economy continues its reopening phase.

However, DOUBLEDRAGON’s share price fell by 18 centavos, or 2.28%, on Tuesday, closing at P7.72, despite a 1.04% gain for the benchmark Philippine Stock Market index