DoubleDragon Corp., the property developer backed by tycoons Tony Tan Caktiong and Edgar Sia II, reported a record ₱27.91 billion in revenue last year, propelled by an aggressive overseas expansion of its condotel brand.

The firm told the Philippine Stock Exchange that revenue surged 56.3 percent from ₱17.86 billion in 2024, driven by fresh inflows from its overseas operations under Hotel101 Global Holdings Corp., which builds and operates condotels.

DoubleDragon has yet to file its audited financial statements for 2025 and the first quarter of 2026, and the preliminary disclosure did not include net income figures.

DoubleDragon said 2025 signifies the beginning of a pivot away from the fair-value gains that drove its earnings in previous years, as the company nears the completion of its primary leasing pipeline. Core revenues have begun to dominate the company's financial mix, with a full transition to operations-driven earnings projected by 2028.

The company expects further acceleration in core revenue and income this year, noting that 2025 results were weighed down by substantial one-time costs. These expenses were tied to Hotel101’s listing on the Nasdaq, alongside the commencement of executive and employee stock option programs. The expenditures are part of a broader strategic roadmap aimed at global expansion through 2035.

The company projects that 2026 will usher in high-volume recurring revenues across its domestic and international portfolios, which span provincial community malls, industrial warehouses, office spaces, and hospitality assets.

Hotel101 plans to open 2,229 rooms this year, including 680 rooms at its recently completed location in Madrid, Spain. Additional completions include 548 rooms in Cebu, 519 rooms in Davao, and 482 rooms in Niseko, Japan. Meanwhile, its existing Manila and Fort Bonifacio properties continue to run at high occupancy levels.

The expansion comes as the developer actively positions itself against macroeconomic headwinds, specifically citing the rise of artificial intelligence.

DoubleDragon stated it has spent the past four years preparing for the disruptive impact of AI agents, warning that the technology's commercialization over the coming months could prove more destructive to the Philippine economy than the current Middle East conflict or past financial crises.

To mitigate these risks, DoubleDragon has deliberately avoided exposure to large business process outsourcing tenants and intentionally exited the residential condominium development sector, citing massive oversupply. Instead, the developer is betting on its Hotel101 concept as a highly repeatable, exportable business model capable of operating in more than 100 countries. (James A. Loyola)