5 CityMalls expected to open this year

Posted at 07/10/2014 1:35 PM

MANILA, Philippines - CityMall Commercial Centers Inc (CMCCI), a company owned by the founders of Jollibee Foods Corp. and Mang Inasal and Henry Sy's SM Investments, expects to open five new malls within the year.

CityMall Roxas, located in Roxas City, is now under construction.

Construction of four other CityMalls in Zamboanga-Tetuan,
Tagbak-Jaro Iloilo, Consolacion-Cebu and Anabu-Imus Cavite are scheduled to start in July and expected to be completed by December.

CMCCI also unveiled a "stylish" and "modern" design for the food court at CityMalls. The food court will have top fast food brands from the Jollibee group, such as Jollibee Mang Inasal, Chowking, Greenwich, Red Ribbon and Highlands Coffee.

"This formidable combination is expected to draw in diners of all ages, from breakfast to lunch to dinner," CMCCI's parent company DoubleDragon Properties said in a disclosure to the stock exchange.

DoubleDragon said they expect the malls to create jobs for the community. The company plans to hire 90 percent of its employees coming from the specific town or city where it is located.

DoubleDragon expects to surpass its net income target for the year from P340 million to P525 million.

"The Company expects continuous high growth trajectory to be
driven by existing business and new investments and developments," the company said.

CMCCI, the umbrella company of all CityMall projects, is 66% owned by DoubleDragon Properties and 34% owned by SM Investments
Corporation.