DoubleDragon Properties, Corp., the company built by the founders of Jollibee and Mang Imnasal, has nearly doubled its profit target for this year as it expects five new community malls due to open by December to generate more revenues.
“The company expects to significantly exceed its net income target for the year from P340 million to P525 million,” DoubleDragon told the Philippine Stock Exchange on Thursday.
The listed property developer explained that the income growth it expects will come from its existing business and new investments and developments.
By the end of the year, DoubleDragon’s mall development arm CityMall Commercial Centers Inc. (CMCCI) is targeting to open five new malls under the “CityMall” brand.
CityMall Roxas, the company’s first in Roxas City, is now under construction, while the remaining four CityMall sites in Zamboanga-Tetuan, Tagbak-Jaro Iloilo,
Consolacion-Cebu and Anabu-Imus Cavite are scheduled to start construction in July and are targeted to be completed by the end of December this year.
CMCCI is 66 percent owned by DoubleDragon and 34 percent owned by the Henry Sy-led conglomerate SM Investments Corp.
“CityMall Commercial Centers Inc. is set to uplift the community mall standard and will revolutionize the community mall industry in the Philippines. CityMall will spur substantial local economic growth and in addition, provide decent employment to the local workforce in the areas where CityMall operates,” DoubleDragon said.
“The Company intends to hire 90 percent of its employees from the specific town or city where it is located,” it added.
Just last month, DoubleDragon struck a leasing deal that will allow CMCCI to proceed with its plan to build a CityMall in Cavite.
An earlier disclosure to the Philippine Stock Exchange showed that CMCCI signed a 26-year long-term lease agreement for a prime commercial lot along General Emilio Aguinaldo Highway in Anabu, Imus, Cavite for the construction of a CityMall.