DoubleDragon to put up Divisoria shopping center

MANILA, Philippines - The flea market competition in Divisoria, the country’s shopping mecca, is heating up with the entry of DoubleDragon Properties Corp. of Mang Inasal founder Edgar “Injap” Sia II and Jollibee Foods owner Tony Tan Caktiong.

In a regulatory filing, DoubleDragon said it entered into an agreement to acquire the rights, title and interests of Equitable Development Corp. and Menlo Capital Group in a 5,972-square meter lot located in Divisoria, Manila.

DoubleDragon’s latest lot acquisition will allow the company to launch a new tiangge shopping center concept that will diversify revenue streams, the company said.

“Through this project, the company will take advantage of the shortage of supply of tiangge malls in the vicinity due to the suspended operations of a major tiangge shopping mall in the area brought about by a fire incident last year,” DoubleDragon said.

Renovation and construction of the property will start in June. The project, to be named Dragon Shopping Center, will start operations in September, in time for the Christmas holiday shopping rush in the Divisoria area.

“This project will not only increase the company’s revenue streams but will also provide opportunities to hundreds of budding SME entrepreneurs who will locate their businesses in the project,” the property firm said.

Dragon Shopping Mall, just in front of the 168 Shopping Mall and beside the Tutuban Shopping Center, will house several retail shops, a food court, 1,099 tiangge stalls and almost 500 parking slots.

“We think Dragon Shopping Center will only be a single unique development highly suited just for the unique strong tiangge market of Divisoria,” Sia said in a text message.

“Divisoria is and will always be the heart of shopping in the Philippines where you can find the best finds at wholesale prices,” he added.

DoubleDragon aims to reach P1 billion net income level by 2016 and P4.8 billion by 2020. It plans to lease out one million sqm of total space portfolio by 2020, of which 700,000 sqm is expected to come from the planned 100 CityMall community malls, mostly in the Visayas and Mindanao.

In 2013, DoubleDragon’s net income jumped 32 percent to P126.63 million, almost entirely coming from residential sales.

DoubleDragon was initially created as Injap Land Corp., the real estate arm of Injap Investments Inc. in 2009. In July 2012, it was renamed DoubleDragon as it became a 50-50 joint venture between Injap Investments and Honeystar Holdings Corp. of Tan Caktiong.