MANILA, Philippines - DoubleDragon Properties Corp., the partnership between Mang Inasal founder Edgar “Injap†Sia II and Jollibee Foods owner Tony Tan Caktiong, is introducing its community shopping mall concept in Cebu.
In a disclosure to the stock exchange, DoubleDragon said its subsidiary City Mall Commercial Centers Inc. (CMCCI) has acquired a 10,251-square meter (sqm) lot from Sta. Lucia Realty & Development Inc.
The prime commercial lot is located in Cansaga, Consolacion, Cebu, right across the Consolacion public market and near the municipal hall and San Isidro church.
DoubleDragon said it plans to build City Mall in the prime commercial property, with construction to start in July.
Consolacion is a first-class urban municipality in Cebu and is part of the Metro Cebu area, the Philippines’ second international gateway.
“Metro Cebu represents the province’s thriving urban centers that are physically proximate to Cebu City, which is the leading commercial and financial hub in the Visayas and northern Mindanao areas,’’ DoubleDragon said.
DoubleDragon targets to compete the construction of five CityMalls this year while laying the groundwork for the next 20 CityMalls to be opened in 2015.
“CMCCI will spur economic growth of several local communities where its mall will be present,†it added. CMCCI is 66-percent owned by DoubleDragon and 34-percent owned by SM Investments Corp.
As of end-March, the first City Mall in Roxas City, which will open in December, is already 93 percent pre-leased.
Early this month, DoubleDragon acquired the rights, title and interests of Equitable Development Corp. and Menlo Capital Group in a 5,972-sqm lot in Divisoria, Manila. Dragon Shopping Center will start operations in September, in time for the Christmas holiday shopping rush in the Divisoria area, considered as the country’s bargain capital.
DoubleDragon aims to reach the P1-billion net income level by 2016 and P4.8 billion by 2020 on one million sqm of total leasable 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 the first quarter, DoubleDragon said its net income spiked 117 percent to P21.2 million from P9.8 million a year ago while consolidated revenues surged 142 percent to P172.5 million from P71.3 million.
The property firm is expecting almost P350 million in earnings this year with the start of the operations of its various commercial centers.
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.