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New malls to rise in Zamboanga

Posted on April 14, 2014 10:28:04 PM [ BusinessWorld Online ]

DOUBLEDRAGON Properties Corp. -- the newly listed real estate joint venture of the founders of Jollibee Foods Corp. and Mang Inasal Philippines, Inc. barbeque fastfood chain that now forms part of Jollibee -- is kicking off its community mall strategy in Mindanao with two such establishments in Zamboanga City, the company said in a statement attached to a disclosure yesterday.

CityMall Commercial Centers, Inc. (CMCCI), a subsidiary of DoubleDragon in which SM Investments Corp. has a 34% stake, “signed on April 14… an investment and shareholders agreement with Galleria Zamboanga, Inc. (GZI) for the construction of two CityMall community malls in different prime commercial locations in Zamboanga City,” the statement read.

Their agreement involves formation by CMCCI and GZI of a joint venture company, Prime DDG Commercial Centers, Inc., which will serve as the corporate vehicle for ownership of CityMalls in Zamboanga City.

Under the deal, GZI will contribute a one-hectare (ha) property in Tetuan, Zamboanga and a 1.4-ha land in Guiwan, Zamboanga as equity in Prime DDG.

Prime DDG will be 70%-owned by CMCCI -- which will have management control -- and 30% by GZI.

Construction is expected to start by the end of this quarter.

GZI -- owned and controlled by the Zamboanga-based Lim family -- currently operates Southway Square Mall and Shop-O-Rama Department Store in the city’s downtown area.

DoubleDragon, which listed last April 7 after raising some P1.16 billion in an initial public offering that ran from March 26 to April 1, plans to open five such malls this year, with the first to rise on a 12,654-square-meter commercial land along Arnaldo Boulevard in Roxas City, Capiz. The rest will rise in Iloilo and Zamboanga cities.

CMCCI plans to build 20 more next year and another 25 in 2016, with the goal of operating 100 such shopping centers in seven years “mostly in the Visayas and Mindanao.”

Shares of DoubleDragon, which grew profit by 37% to P126.63 million last year from P92.48 million in 2012, gained 14 centavos or 3.66% to close P3.97 apiece yesterday from P3.83 each on Friday last week.

Besides CMCCI, it has three main subsidiaries, namely: DoubleDragon Sales Corp., One Eleven Property Management Corp., and Piccadilly Circus Landing Corp.

Formed on Dec. 9, 2009, DoubleDragon’s other projects -- including a condominium, a subdivision, buildings and a ferry terminal -- are located mostly in Iloilo City.
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