ILOILO CITY: The first two of the five city community malls to be built by Double Dragon Properties Corp. will break ground within the year. Iloilo Mayor Jed Patrick Mabilog said the city aims to become a premier city by 2015 and regain its lost glory as a premier investment hub of Visayas.
Construction of the five city malls will cost P275 million each or a P1.4 billion total investment, Edgar Sia 2nd, president and chief executive officer of Double Dragon, announced at a business summit in March in Makati City dubbed as “Iloilo Means Business.”
In a disclosure to the Philippine Stock Exchange recently, Double Dragon said City Mall Commercial Centers Inc. (CMCCI) inked a 26-year lease agreement with Iloilo Commercial Development Corp (ICDC) owned by the city-based Que family covering two properties in Ungka, Pavia near the city boundary and in Tagbak, Jaro.
The first site is beside a transport terminal, the 1.19-hectare Pavia site situated at the corner of a national highway linking the Iloilo downtown area and Iloilo International Airport in Cabatuan, Iloilo. The second site is the .8-hectare lot across the Tagbak transport terminal in Jaro district, Iloilo City.
Envisioned to become one of the country’s biggest property developers by 2020, Double Dragon is building a hundred community malls under the brand City Malls, mostly in the Visayas and Mindanao areas. The company will also start laying the groundwork for the next 20 city malls to be opened by 2015.
The PSE listing also showed that CMCCI is 66-percent owned by Double Dragon and 34-percent owned by SM Investments Corp. Double Dra–gon is a 50-50 joint venture between Injap Investments Inc. owned by Sia of Mang Inasal fame and Honeystar Holdings Corp. owned by Jollibee founder Tony Tan Caktiong.