Philippine Digest: DoubleDragon boosts property portfolio; Max’s invests in Saudi Arabia

Perspective of Hotel101 Resort Boracay

Real estate firm DoubleDragon is investing in a 1,001-room hotel in Boracay through its subsidiary while Max’s Group announced a development agreement with a Saudi group for its investment in Saudi Arabia.

DoubleDragon boosts portfolio with 1,001-room hotel

Listed real estate development firm DoubleDragon Properties Corporation is boosting its property portfolio in the Philippines by investing in a 1,001-room hotel in the tourist island of Boracay.

In a disclosure to the Philippine Stock Exchange on Thursday, DoubleDragon said it has embarked on a hotel project in Boracay through its subsidiary, Hotel of Asia Inc. Financial details of the investment were not disclosed.

DoubleDragon’s Hotel of Asia Inc has signed a joint venture agreement with another developer, Newcoast South Beach Inc. for the project. DoubleDragon is a property company led by Mang Inasal Founder Edgar Injap Sia II and Jollibee Founder Tony Tan Caktiong.

The project, Hotel101 Resort-Boracay, will sit on a two-hectare property on the beachfront cove and support environmentally friendly operations and sustainable tourism. The hotel is expected to become the biggest hotel in the Philippines in terms of room count, DoubleDragon said in a statement.

Max’s Group invests in Saudi Arabia

Max’s Group Inc, the largest operator in the Philippine casual dining segment, has announced a five-year investment plan in Saudi Arabia through a partnership with Al-Bader National Establishment for Real-Estate Development.

Max’s Group informed the Philippine Stock Exchange that it has forged a development agreement with the Saudi-based development firm for the opening of 12 Pancake House stores in Saudi Arabia within the next 5 years. Financial details of the investment were not disclosed. Pancake House is one of the family brands of Max’s Group.

The group said it is set to further accelerate international expansion activities with a target of 20-30 new outlets for 2018, primarily across core brands Max’s Restaurant, Pancake House, and Yellow Cab Pizza. It aims to end the year with around 75-80 stores abroad.

Badr Hamdi Hamed Albalawi, CEO of Al- Bader National Establishment for Real-Estate Development, said the development deal with Max’s is a product of his company’s search for a renowned brand to spearhead its venture into the food sector, with the intention of deploying a substantial amount of investment.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.