DoubleDragon Corp. will open its first CityMall in Roxas City, Capiz on March 27, which is part of its ongoing expansion projects.
DoubleDragon Properties Corp. has raised P7.4 billion from the issue of seven-year fixed rate corporate notes for its expansion projects.
The fresh capital will finance the development, construction and expansion of the company’s chain of CityMalls. It will also be used for other projects including the DoubleDragon Plaza at The Meridian Park, Dragon8 Shopping Center-Divisoria, The Skysuites Tower, and for general corporate purposes.
Having secured 20 sites to date for its expansion projects, the company is simultaneously constructing several CityMall sites across the country. This is in line with its target to complete 25 CityMalls this year and a total of 100 across the country by 2020.
Under its subsidiary CityMall Commercial Centers Inc. (CMCCI), the company has at least 12 community malls under construction, including the one hectare CityMall in Boracay, and the 1.19 hectare development in Ungka, Pavia in Iloilo.
The other projects are 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 by the Sy family-led conglomerate SM Investments Corp.
DoubleDragon is targeting a total of one million square meter of gross leasable space by 2020, of which 700,000 square meters will come from the 100 CityMalls.
DoubleDragon is a joint venture between Injap Investments Inc. headed by Sia, founder of the Mang Inasal grilled chicken restaurant chain, and Tony Tan Caktiong, chairman and founder of Jollibee Foods Corp.
For the launching of its community mall in Roxas City, DoubleDragon has tapped celebrity Anne Curtis-Smith.
“We believe that Anne is an incredibly influential celebrity with aspirational quali- ties,” Edgar “Injap” Sia 2nd, DoubleDragon chairman and chief executive officer.
“Her genuine and lovable personality has enabled the everyday Filipino to relate to her. This is the exactly why we feel that she is the perfect face behind CityMall and its vision to uplift the standard of community malls across the country the country,” he added.