CityMall Commercial Centers Inc. (CMCCI), a subsidiary of listed property firm DoubleDragon Properties Corp., has secured another prime lot in Tiaong, Quezon province where it plans to build its 12th community CityMall.
In a statement, DoubleDragon said CMCCI has signed a 26-year land lease with the municipality of Tiaong in its 8,000 square meter prime lot along Maharlika Highway in Brgy Lalig, Tiaong, Quezon, where the firm’s 12th CityMall will rise.
“CityMall Tiaong, Quezon is the 12th site secured by CMCCI to date, and puts the Company on course to meet the goal of completing and operating 25 CityMalls by end of 2015 and 100 CityMalls by 2020, all in prime and strategic locations,” DoubleDragon said.
DoubleDragon said the CityMall Tiaong, Quezon will serve the nearby residential communities as well as the local and foreign tourists visiting the plantation off Villa Escudero Plantations and Resort.
Besides the CityMall Tiaong, Quezon, CMCCI is currently developing CityMalls in 11 other sites: 1.1-hectare in Kalibo, Aklan; 1.5-hectare Cotabato City lot; half a hectare prime commercial lot in Dau, Mabalacat, Pampanga province; 2 hectares 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 include the construction and completion of 25 CityMalls by end-2015 and 100 CityMalls by 2020, mostly in Visayas, Mindanao Northern, Luzon, Bicol, Mindoro and Palawan.
CMCCI is two thirds or 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 spaces by 2020, of which 700,000 sqm will come from the 100 CityMalls; 200,000 sqm from The Meridian Park project; and the 100,000 sqm from other existing and near-term developments.
DoubleDragon’s acquisitions include the two 38-storeys 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 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.