By Jenniffer B. Austria | Jun. 24,
2014 at 12:01am [ manilastandardtoday.com ]
DoubleDragon Properties Inc. said
Monday unit CityMall Commercial Centers Inc. signed a 26-year lease agreement
to build a community mall in Cavite on a property owned by the Chan family.
DoubleDragon said in a disclosure to
the stock exchange the agreement covered a prime commercial lot along General
Emilio Aguinaldo Highway in Anabu, Imus, Cavite.
The property is owned by the Chan
family, the group behind Liwayway Manufacturing Corp., which produces the
famous Oishi snack products.
The property, found in the front
portion of over a 30-hectare manufacturing complex, was originally designed as
site of a future commercial development.
DoubleDragon said Imus was an ideal
site for a community mall after Cavite showed a steady rise in income. It is
also as a favorite site for major industrial, manufacturing and commercial
establishments, providing local employment to thousands of people.
DoubleDragon plans to open 100
CityMall community malls by 2020 and is targetting a P1-billion net profit by
2016 and P4.8 billion by 2020.
A large portion of the profit is
expected to come from recurring rental income from one million square meters of leasable spaces
that the company is building.
DoubleDragon is a property company
owned equally by Jollibee Foods Corp. chairman Tony Tan Caktiong and
businessman Edgar Sia II.
CityMall, meanwhile, is 66 percent
owned by DoubleDragon and 34 percent by SM Investments Corp.
DoubleDragon was listed with the
Philippine Stock Exchange in April.
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