MANILA, Philippines - DoubleDragon Properties Corp., the property joint venture of the founders of grilled chicken chain Mang Inasal and fastfood giant Jollibee Foods Corp., has secured the 15th site for its chain of community malls to rise across the country by the end of next year.
For its 15th site, DoubleDragon said subsidiary CityMall Commercial Centers Inc. (CMCCI) obtained a one-hectare prime commercial corner lot in Mandalagan, Bacolod City.
CityMall-Mandalagan Bacolod is CMCCI’s second prime site in Bacolod City and would give the company a strategic position in the North and South sides of the city.
“Lacson-Mandalagan Street is the major street in Bacolod City. Community centers like a public market, churches, hospitals/clinics, post office, banks and public and private schools are within a few meters from the property. The site location is surrounded by numerous fully developed residential subdivisions,” DoubleDragon said.
DoubleDragon said CityMall-Mandalagan Bacolod puts the company on track to meet the goal of completing its first 25 CityMalls by end of 2015 and a total of 100 CityMalls by 2020.
“The whole DoubleDragon team continues to be determined on its near-term goals of reaching one million square meters of prime leasable spaces around the country. We believe that this will provide the company with both a strong recurring rental income and a string of valuable appreciating assets,” said DoubleDragon chairman Edgar Injap Sia II.
Last week, CMCCI completed construction of the first of 25 planned community malls, with six more CityMall sites currently in various stages of construction.