By Richmond S. Mercurio (The Philippine Star) | Updated September 30, 2014 - 12:00am
MANILA, Philippines - DoubleDragon Properties Corp.’s mall unit has acquired a 12th site in line with its planned 25 CityMalls by end next year.
In a disclosure, the property joint venture of the founders of grilled chicken chain Mang Inasal and fastfood giant Jollibee Foods Corp. said it has recently cornered an 8,000-square meter prime commercial lot in Tiaong, Quezon under a 26-year lease agreement.
“CityMall Tiaong, Quezon is the 12th site secured by CityMall Commercial Centers Inc. to date, and puts the company on course to meet the goal of completing and operating 25 CityMalls by end 2015 and 100 CityMalls by 2020, all in prime and strategic locations,” DoubleDragon said.
DoubleDragon said the planned CityMall in Quezon is eyed as a stop-over place for motorist and travellers traversing the Maharlika Highway.
The listed property firm earlier this month was also able to secure through subsidiary CMCCI three commercial prime lots in Cotabato City,Pampanga and Aklan.
CMCCI is 66-percent owned by DoubleDragon while the remaining 34 percent is held by mall and banking conglomerate SM Investments Corp.
DoubleDragon aims to reach the P1-billion net income level by 2016 and P4.8 billion by 2020.