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DoubleDragon to build mall in Divisoria

Posted on May 02, 2014 08:21:10 PM [ BusinessWorld Online ]

DOUBLEDRAGON Properties Corp. will build a shopping mall in Manila’s Divisoria district within the year, according to a statement released on Friday by 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.

DoubleDragon said it has entered into a memorandum of agreement “to acquire the rights, title and interests of Equitable Development Corp. and Menlo Capital Group in a 5,972-square meter (sq.m.) prime real estate property... at C.M. Recto corner Dagupan streets, Divisoria, Manila”.

The project will be called Dragon Shopping Center. DoubleDragon officials would not provide investment data when contacted for details.

DoubleDragon plans to start construction next month and aims to complete it by September “in time for the Christmas holiday rush in the Divisoria area”.

The mall will house retail shops, a food court, 1,099 tiangge stalls and parking slots for “almost 500” vehicles, the statement read.

“Through this project, the company will take advantage of the shortage of supply of tinagge malls in the vicinity due to the suspended operations of a major tiangge shopping mall in the area brought about by a fire... last year,” the company said, referring to the Divisoria Mall blaze in November.

“The project will not only increase the company’s revenue streams but will also provide opportunities to hundreds of... entrepreneurs who will locate their businesses in the project,” it added.

“The company also foresees long-term project value appreciation in this project.”

DoubleDragon listed last April 7 after raising some P1.16 billion in an initial public offering that ran from March 26 to April 1.

Through majority-owned subsidiary CityMall Commercial Centers, Inc., the company aims to separately build a total of 100 community malls in seven years, “mostly in the Visayas and Mindanao.”

DoubleDragon’s other projects are the 31-storey W.H. Taft Residences beside De La Salle University along Taft Avenue in Manila; Umbria Mall in Biñan Laguna; as well as 111-unit FirstHomes Iloilo, 21-storey Injap Tower, People’s Condominium, and 236-unit The Uptown Place condominium project, all in Iloilo City.

DoubleDragon is a joint venture of Injap Investments of Mang Inasal Philippines, Inc. founder Edgar J. Sia II and Honeystar Holdings Corp. of Jollibee Foods Corp. founder Tony Tan Caktiong.

Its grew profit 37% annually to P126.63 million last year and has adopted an “income target” of P1 billion by 2016 and P4.8 billion by 2020.

Its shares gained five centavos or 1.16% to close P4.36 apiece on Friday from P4.31 each on Wednesday. Philippine financial markets were closed on Thursday for Labor Day. -- KNML       
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