CityMall Commercial Center Inc. (CMCCI), the retail subsidiary of DoubleDragon Properties Corp., is set to build two community malls on prime commercial lots it acquired in Cotabato City and Pampanga.
In a statement, DoubleDragon said it will build the two CityMalls on a newly bought 1.5-hectare prime commercial lot in Cotabato City and a half-hectare prime commercial lot in Dau, Mabalacat, Pampanga.
It said the two land acquisitions will complete CMCCI’s targeted 10 lots for mall developments, in line with its goal to build 25 CityMalls by the end of 2015.
CMCCI acquired the Cotabato lot along Gov. Gutierrez Avenue in Rosary Heights VII, while the Pampanga land, which is under a 30-year long term lease agreement, is situated beside the Dau Bus Terminal that serves hundreds of provincial buses serving passengers bound for Metro Manila and provinces in Northern Luzon.
DoubleDragon and CMCCI have been in acquisition mood in the second quarter. DoubleDragon’s acquisitions include the twin 38-storey The Skysuites Tower, a 70 percent stake in Western Visayas-based real estate developer Zion Land Development Philippines Inc., and the 4.5-hectare Pasay City lot for The Meridian Park project to be completed in 2020.
CMCCI, on the other hand, acquired lots where it will build community malls under the CityMalls brand, including one in Roxas City, Capiz, which will be operational in December, two prime lots in Zamboanga City, and a 1.02-hectare land in Consolacion, Cebu City, among others.
With its projects in the pipeline, 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.