MANILA, Philippines - The tandem of upstart property firm DoubleDragon Properties Corp. and mall giant SM Investments Corp. (SMIC) has opened its doors to the first of a hundred community malls to rise across the country over the next five years.
CityMall-Arnaldo Roxas in Capiz officially opened Friday, marking the start of a series of CityMall launchings across the country this year.
CityMall-Arnaldo Roxas is located on a 1.4-hectare property and offers over 7,000 square meters of retail space.
“Despite being new in the mall development industry, DoubleDragon was able to properly put together a well-built community mall that is expected to change the landscape of several provincial areas in the Philippines,” DoubleDragon said.
CityMall Commercial Centers Inc. targets to complete 25 CityMalls by the end of the year and 100 CityMalls by 2020 in hopes of having the largest branded community mall chain in the Philippines.
CityMall is 66 percent controlled by DoubleDragon, the property joint venture of the founders of grilled chicken chain Mang Inasal and fastfood giant Jollibee Foods Corp., and 34 percent owned by SMIC.
DoubleDragon said CityMall has secured 20 sites for its community malls in key provincial areas.
The listed firm said several CityMall sites are currently under construction as it moves forward to complete the first 25 malls by yearend.
“All CityMalls in the country will have a standard look and feel and will average about 7,000 square meters of retail space. CityMalls have the distinct feature of being ‘greenergized’, as each one will be powered by solar panels and will source water through rainwater harvesting system,” DoubleDragon said.