DoubleDragon to open shopping mall in Cebu

Posted at 05/22/2014 11:34 AM | Updated as of 05/22/2014 11:34 AM
A CityMall will soon open in Consolacion, Cebu.

MANILA, Philippines - DoubleDragon Properties, a company owned by Jollibee Foods owner Tony Tan Caktiong and Mang Inasal founder Edgar "Injap" Sia II, is planning to open a community mall in Cebu.

DoubleDragon subsidiary CityMall Commercial Centers Inc. has acquired a 1-hectare, prime commercial lot in Cansaga, Consolacion, Cebu from Sta. Lucia Realty & Development Inc. for an undisclosed amount.

The property is located across the public market and in the same area as the municipal hall and San Isidro Church.

The company said it is planning to build a CityMall on the property. Construction of the mall will start by July.

Meanwhile, the first CityMall in Roxas City is expected to be completed by December 2014. The company said the mall is already 93 percent pre-leased out.

DoubleDragon is targeting to complete five CityMalls this year. It is also eyeing to open 20 CityMalls by 2015. The community mall projects are under CityMall Commercial Centers Inc., which is 66 percent owned by DoubleDragon and 34 percent owned by the SM group.

The developer is targeting to open 100 CityMalls by 2020. It also aims to hit P1 billion net income by 2016 and P4.8 billion by 2020. Most of the profits are expected from recurring rental income of the 1 million square meters of total leasable spaces DoubleDragon is planning.

DoubleDragon made its debut at the Philippine Stock Exchange last April.