Listed DoubleDragon Properties Corporation is partnering with ABS-CBN Corporation for the operation of cinemas in its CityMalls in provinces across Luzon, the Visayas and Mindanao.
In a disclosure to the Philippine Stock Exchange on Wednesday, DoubleDragon said its subsidiary CityMall Commercial Centers Inc. (CMCCI) has signed a partnership agreement with ABS-CBN for the roll out of cinemas in various provincial areas of the country.
CityMalls is a community mall format located in provincial areas.
Under the partnership, ABS-CBN shall manage the booking and the food & beverage operations of CityMall’s mini theaters, while CMCCI will build and open the cinema infrastructure.
As CityMall’s cinemas’ booking agent, ABS-CBN shall determine what movies shall be screened, including the regular screening of Star Cinema productions.
ABS-CBN Chairman Eugenio Lopez III, ABS-CBN President and CEO Carlo Katigbak, ABS-CBN group Chief Finance Officer Rolando Valdueza, and Star Creatives Chief Operating Officer Malou Santos signed the partnership together with Citimall Commercial Centers, Inc.’s Chairman Edgar Sia II and President Ferdinand Sia.
DoubleDragon noted that it expects to open 10 CityMall cinemas in the second quarter of 2017, in areas such
as Tagum City; Davao; Victorias City, Negros; Anabu-Imus, Cavite; Cotabato City; Bulua-Cagayan de Oro City; Koronodal City; Consolacion-Cebu; Mandalagan, Bacolod City; Sta. Rosa-Nueva Ecija; and Dumaguete City.
The company said each cinema will have a seating capacity of 100 to 120 seats.
“CityMall intends to fill up the gap in the provincial cinema space since majority of the over 140 cities in the Philippines do not have cinemas today,” the company said.
“In addition to being able to see Filipino Blockbusters on release date, moviegoers can also expect to see International Box Office Films and enjoy cutting edge digital facilities at the CityMall Cinemas,” DoubleDragon said.
Apart from the 10 cinemas to open next year, DoubleDragon said it also aims to roll out cinemas in all of its CityMall sites across the country.
“Today, marks the completion of the three strong corner points which will solidify the future dominance of CityMall all over the country,” Ferdinand Sia said. “We will now have the best modern retail brands, the strongest fastfood brands, and leading entertainment all under one roof.”
Also, DoubleDragon Chief Investment Officer Hannah Yulo expressed the strength of CityMalls in forging partnerships with country’s biggest groups.
“CityMall’s strategic partnerships with the SM Group, the country’s largest retailer, the Jollibee Group, the country’s largest fastfood chain and now, the ABS-CBN Group, the country’s largest media and entertainment company is a dream combination,” Yulo said.
CityMall is 66 percent owned by leading property developer, DoubleDragon Properties Corp. (DD), and 34 percent owned by the leading conglomerate, SM Investments Corp. (SMIC).
DoubleDragon aims to operate 100 CityMalls across the country by 2020. The company earlier reported that it has 8 operating CityMall developments, as of the first half of 2016.
The roll out of 100 CityMalls will translate to a total of around 700,000 square meters of leasable space, with each mall offering 7,000 square meters of leasable space on average.
This will contribute to the company’s goal of achieving its one million square meters of leasble space target by 2020, along with the completion of the 280,000 sqm DD Meridian Park in the Bay City and the 47,000-sqm Jollibee tower in Ortigas.