Manila, Philippines—DoubleDragon Properties Corp., through its subsidiary DD-Meridian Park Development Corp., has just signed an agreement to develop a five-star luxury serviced apartment, Ascott-DD Meridian Park Manila, as the third phase of its flagship project, DD Meridian Park, in Pasay City.

Ascott-DD Meridian Park Manila will sit on a 5,567 square meter lot within the 4.8 hectare DD Meridian Park and is expected to have over 300 luxury serviced apartment units. Its location is near the Manila domestic and international airports, the Department of Foreign Affairs, and the Mall of Asia complex. It is set to break ground within the year and is expected to be operational by 2020.

The bigger DD Meridian Park, on the other hand, will consist of eight towers that are expected to have about 230,000 square meters of leasable space. Its first phase has four towers, named DoubleDragon Plaza, which is set to be completed by the last quarter of this year; while, its second phase, named DoubleDragon Center-East and DoubleDragon Center-West, is expected to be finished by the last quarter of 2018.

Ascott is part of CapitaLand, one of Asia’s largest real estate companies.  Headquartered and listed in Singapore, CapitaLand is an owner and manager of a global portfolio worth more than S$78 billion as of March 2017.