CityMall Commercial Centers Inc. (CMCCI), a subsidiary of listed property firm DoubleDragon Properties Corp., is set to develop its 11th community mall brand in Kalibo, Aklan.
In a statement, DoubleDragon said CMCCI has secured a 1.1-hectare prime commercial lot along Mabini and Toting Reyes Streets in Kalibo, Aklan where the firm’s 11th CityMall will rise.
CMCCI said the CityMall Kalibo will be a major gateway for tourists bound to Boracay Island.
Besides the CityMall Kalibo, CMCCI is currently developing CityMalls in 10 other sites: 1.5-hectare Cotabato City lot; half a hectare prime commercial lot in Dau, Mabalacat, Pampanga; 2-hectare lot in Anabu, Imus, Cavite; 1.19 hectares in Ungka, Pavia in Iloilo; 0.8 hectare or 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 pipeline projects include the construction and completion of 25 CityMalls by end-2015 and 100 CityMalls by 2020, mostly in Visayas, Northern Mindanao, Luzon, Bicol, Mindoro, and Palawan.
CMCCI is 66 percent owned by DoubleDragon, while 34 percent is owned Sy family-led conglomerate SM Investments Corp.
CMCCI’s parent firm DoubleDragon is also active in its expansion, targeting a total of 1 million square meters (sqm) of gross leasable space by 2020, of which 700,000 sqm will come from the 100 CityMalls; 200,000 sqm from The Meridian Park project; and 100,000 sqm from other existing and near-term developments.
DoubleDragon’s acquisitions include the two 38-storey The Skysuites Tower, 70 percent stake in Western Visayas-based real estate developer Zion Land Development Ph Inc., and the 4.5-hectare Pasay City lot for The Meridian Park project to be completed by 2020.
In line with this, DoubleDragon aims to hit P1 billion in net profit by 2016 and P4.8 billion by 2020.
The company has five subsidiaries: Zion Land, DoubleDragon Sales Corp., One Eleven Property Management Corp., Piccadilly Circus Landing, Inc. and CMCCI.
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.