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.
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