CITYMALL Commercial Centers Inc. (CMCCI), a subsidiary of listed property firm DoubleDragon Properties Corp., has obtained another prime lot, this time on famous tourist spot Boracay Island, where it will build its 13th CityMall to expand the company’s portfolio.
In a statement, DoubleDragon said CMCCI has signed a 26-year lease for a one-hectare prime location on Boracay to build a new community mall in the area.
CityMall-Boracay is expected to become the top commercial destination on the island and will be the first community mall with a full-sized supermarket on the whole island of Boracay, the company said.
Besides CityMall-Boracay, CMCCI is currently developing CityMalls in 12 other sites in the country: the 8,000-square meter CityMall in Tiaong, Quezon; 1.1-hectare property in Kalibo, Aklan; 1.5-hectare area in Cotabato City; half a hectare prime commercial lot in Dau, Mabalacat, Pampanga; two hectares in Anabu, Imus, Cavite; 1.19 hectares in Ungka, Pavia in Iloilo; 8,000 sqm in Tagbak, Jaro in Iloilo; 1.1 hectares in Cebu Downtown; 1.02-hectare in Consolacion, Cebu City; two others in Zamboanga City; and one in Roxas City, Capiz.
The CMCCI project pipeline includes the construction and completion of 25 CityMalls by end-2015 and 100 CityMalls by 2020, mostly in the Visayas, Mindanao, Northern Luzon, Bicol, Mindoro and Palawan.
CMCCI is two-thirds or 66 percent owned by DoubleDragon, while 34 percent is owned the Sy family-led conglomerate SM Investments Corp.
DoubleDragon is a joint venture between Injap Investments Inc. headed by Edgar “Injap” Sia II, founder of the Mang Inasal grilled chicken restaurant chain, and Tony Tan Caktiong, chairman and founder of Jollibee Foods Corp.