MANILA, Philippines - DoubleDragon Properties Corp.’s mall unit has secured two additional locations for its planned 25 operating CityMalls by the end of next year.
In a disclosure to the local bourse, the property joint venture of the founders of grilled chicken chain Mang Inasal and fastfood giant Jollibee Foods Corp. said it has cornered two commercial prime lots covering a total of two hectares in Cotabato City and Pampanga, further bolstering its aggressive expansion program.
Its subsidiary CityMall Commercial Centers Inc. (CMCCI)purchased a 1.5 hectare lot along Gov. Gutierrez Ave. in Rosary Heights VII, Cotabato City.
The property is located in a high-density area near numerous residential villages and schools.
“Cotabato City is one of the most economically prosperous cities in the island of Mindanao and is among the top 50 most competitive cities in the country,” the property firm said.
DoubleDragon is expecting the additional investment in Cotabato to deliver “additional substantial decent employment to the local workforce of the city.”
Aside from the Cotabato lot, CMCCI also inked a 30-year lease agreement for a 0.5-hectare prime commercial lot along Dau Access Road in Dau, Mabalacat, Pampanga.
DoubleDragon said the lot is strategically located beside a bus terminal which hosts an average of 200 buses a day.
“Dau is a business center, home to business establishments mostly involved in sash factory, iron works, ceramics, bakery and numerous trading companies. Dau used to be the terminus of the North Luzon Expressway and is the most populous area in Mabalacat City,” the firm said.
CMCCI is 66-percent owned by DoubleDragon while the remaining 34 percent is held by mall and banking conglomerate SM Investments Corp.
CMMCI eyes a total of 25 operating CityMalls by end 2015. It has already secured 10 prime and strategic sites for the malls to date.
DoubleDragon aims to reach the P1-billion net income level by 2016 and P4.8 billion by 2020. It targets to reach one million square meters of total leasable space portfolio by 2020, of which 700,000 sqm is expected to come from a bigger 100 CityMall community malls, mostly in the Visayas and Mindanao.
As of the first half of the year, DoubleDragon’s net income grew more than six times to P84.3 million from P13.4 million a year ago on the back of high residential sales and new investments.