By Neil Jerome C. Morales (The
Philippine Star) | Updated May 23, 2014 - 12:00am
MANILA, Philippines - DoubleDragon
Properties Corp., the partnership between Mang Inasal founder Edgar “Injap” Sia
II and Jollibee Foods owner Tony Tan Caktiong, is introducing its community
shopping mall concept in Cebu.
In a disclosure to the stock exchange,
DoubleDragon said its subsidiary City Mall Commercial Centers Inc. (CMCCI) has
acquired a 10,251-square meter (sqm) lot from Sta. Lucia Realty &
Development Inc.
The prime commercial lot is located in
Cansaga, Consolacion, Cebu, right across the Consolacion public market and near
the municipal hall and San Isidro church.
DoubleDragon said it plans to build
City Mall in the prime commercial property, with construction to start in July.
Consolacion is a first-class urban
municipality in Cebu and is part of the Metro Cebu area, the Philippines’
second international gateway.
“Metro Cebu represents the province’s
thriving urban centers that are physically proximate to Cebu City, which is the
leading commercial and financial hub in the Visayas and northern Mindanao
areas,’’ DoubleDragon said.
DoubleDragon targets to compete the
construction of five CityMalls this year while laying the groundwork for the
next 20 CityMalls to be opened in 2015.
“CMCCI will spur economic growth of
several local communities where its mall will be present,” it added. CMCCI is
66-percent owned by DoubleDragon and 34-percent owned by SM Investments Corp.
As of end-March, the first City Mall
in Roxas City, which will open in December, is already 93 percent pre-leased.
Early this month, DoubleDragon
acquired the rights, title and interests of Equitable Development Corp. and
Menlo Capital Group in a 5,972-sqm lot in Divisoria, Manila. Dragon Shopping
Center will start operations in September, in time for the Christmas holiday
shopping rush in the Divisoria area, considered as the country’s bargain
capital.
DoubleDragon aims to reach the
P1-billion net income level by 2016 and P4.8 billion by 2020 on one million sqm
of total leasable space portfolio by 2020, of which 700,000 sqm is expected to
come from the planned 100 CityMall community malls, mostly in the Visayas and
Mindanao.
In the first quarter, DoubleDragon
said its net income spiked 117 percent to P21.2 million from P9.8 million a
year ago while consolidated revenues surged 142 percent to P172.5 million from
P71.3 million.
The property firm is expecting almost
P350 million in earnings this year with the start of the operations of its
various commercial centers.
DoubleDragon was initially created as
Injap Land Corp., the real estate arm of Injap Investments Inc., in 2009. In
July 2012, it was renamed DoubleDragon as it became a 50-50 joint venture
between Injap Investments and Honeystar Holdings Corp. of Tan Caktiong.
_____________________________________________________
