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DoubleDragon, Chan family sign lease deal

By Jenniffer B. Austria | Jun. 24, 2014 at 12:01am [ ]

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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