The Secret Behind a Property Company's 2,500% Stock Surge
- Partners include Jollibee founder and SM Investments
- Developer targets Philippine provinces with small malls
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It’s been a fast ascent for college dropout Edgar “Injap” Sia, who less than a decade ago was selling barbecue chicken in the Philippines. He now leads the real estate developer with the best stock gains in Asia.
His company, DoubleDragon Properties Corp., went public in the Philippines in 2014 and has surged 2,500 percent since it began trading in April that year through Jan. 31, beating 460 other Asian developers worth at least $500 million. That surge has inflated DoubleDragon’s market value to 115.1 billion pesos ($2.3 billion), propelling it to the nation’s top five developers even though it owns and manages a fraction of the real estate held by its rivals.