‘Dragons’ reshaping ph inquirer business data recovery ssd

“Tito Tony continues to provide steady guidance, having had long years in doing business here and abroad. We complement each other quite well, more because we can understand and relate well since we had a similar entrepreneurial journey. Having similar values and principles also matters a lot. Most importantly, I see him, just like our parents, as one who genuinely wishes us to excel and shine,” Sia told the Inquirer.

Tan Caktiong, who graduated from the University of Santo Tomas in 1975 with a degree in Chemical Engineering, opened his first ice cream parlor at the age of 22. Since then, Jollibee has grown to become the largest fast food chain in the Philippines and one of the world’s most valuable restaurant chains.

The rest is history: Mang Inasal grew big enough (then with 338 branches) to be attractive to Jollibee, which bought an initial 70 percent stake in the restaurant chain for P3 billion in 2010.


Jollibee acquired the remaining 30 percent for P2 billion in 2016.

Meanwhile, Sia started real estate company Injap Land Corp. in 2009, at that time working only on provincial projects. In 2011, he also formed Hotel of Asia Inc. (HOA), a joint venture with Oishi founder Carlos Chan and Steineil Development Corp., which focused on hotel ventures such as Hotel 101 and JinJiang Inn-Philippines. This hospitality business was eventually folded into DoubleDragon.

Ferdinand Sia, DoubleDragon president, graduated from UP Visayas with a degree in Political Science and took up law at the Arellano University College of Law. Rizza Marie Joy Sia, DoubleDragon’s treasurer and chief finance officer, graduated from UP Visayas with a Bachelor of Science in Accountancy and is a certified public accountant.

“We expect the inflection point of these transitions to be felt within the next three years, just in time for the completion of our goal of having a strong network of 100 CityMalls in the provincial areas of the Philippines. We are glad that CityMall has already started to gain significant traction in the countryside, which we aim to dominate as we grow organically,” Sia said.

“For the past three years, DoubleDragon has already planted the seeds and necessary groundwork that will enable the company to play a major role in this retail transformation as we continue to expand in what will essentially be the most important market one day as e-commerce continues to disrupt the urban market,” he said.

“The business model of CityMall is positioned to remain relevant beyond the age of digitalization because we focus on delivering only basic necessities. Generally, the supermarket, cinema, services and food tenants combined occupy more than 70 percent of a typical CityMall. CityMalls are also conveniently located in provincial city centers within close reach of the market,” Sia added.

Upon full completion by 2020, the DD Meridian complex—which sits on a strategic 4.8-hectare property at the corner of Edsa and Diosdado Macapagal Avenue—will have 280,000 square meters of leasable space. This will be big enough to host 50,000 workers.

The international bookrunners and lead managers for the offering are Credit Suisse (Singapore) Ltd., Maybank Kim Eng Securities Pte. Ltd. and UBS AG Singapore branch. The domestic lead underwriters and bookrunners are BPI Capital Corp. and Maybank ATR Kim Eng Capital Partners Inc.

DoubleDragon intends to use the net proceeds from the offer to expand its industrial leasing and hospitality businesses, two of the business segments that have been added to its portfolio since going public in 2014. The company also plans to acquire more land to fuel future growth.

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