DoubleDragon eyes $300-M Singapore REIT

MANILA, Philippines — DoubleDragon Corp. is setting up a $300-million hospitality real estate investment trust (REIT) in Singapore as the listed property developer seeks to unlock value from its growing Hotel101 portfolio and support the global expansion of its hospitality business.

On Friday, the company founded by tycoons Tony Tan Caktiong and Edgar “Injap” Sia II said its board approved the creation of DD Hotel101 Worldwide One, a Singapore special purpose vehicle that will be sponsored as a $300-million REIT and listed on the Singapore Exchange.

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Once listed, it is expected to become the exchange’s fourth pure hospitality REIT.

“This strategic initiative will create a deep and entirely new revenue stream and will also become one of the major attractions to established developers in other countries as Hotel101 Global prepares to transition towards its Phase 3 of expansion via the pure proptech asset-light licensing platform,” the company said.

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The planned REIT will initially hold a diversified portfolio of standardized Hotel101 units carved out from selected projects in different countries. INQ