DoubleDragon Properties Corp. said Monday second-quarter net income soared 1,605 percent to P63.1 million from P3.7 million year-on-year,  driven by a strong sales takeup of its existing business and new investments and developments.

DoubleDragon said in a disclosure to the stock exchange first-half net profit rose 526 percent to P84.3 million from P13.4 million on year.

The property firm said it expects to sustain the higher earnings in the second half of the year and remains on track to meet its P525-million net income target for the 2014.

“We expect continued growth in the Philippine property sector, most notably in the commercial retail and office segments,” DoubleDragon chairman and chief executive Edgar Sia II said.

The company expects the bulk of net income sources to come in the second half of the year.

The company in the second quarter of the year unveiled a plan to develop 4.75-hectare The Meridian Park at the corner of Edsa and Macapagal Avenue in Pasay City.

Once the whole development is completed by 2020, The Meridian Park will have over 200,000 square meters of commercial and office leasable spaces and will significantly contribute to meet DoubleDragon’s target of reaching 1 million square meters of total leasable spaces portfolio by 2020.