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DoubleDragon, SM joint venture opens first community mall

Posted on March 27, 2015 08:12:00 PM [ BusinessWorld Online ]
By Daphne J. Magturo, Reporter

DOUBLEDRAGON Properties Corp. on Friday opened its community mall in Roxas City, Capiz, the first of the 100 CityMall branches it plans to roll out nationwide over a five-year period.

CityMall-Arnaldo Roxas is located on a 1.4 hectare prime property along Arnaldo Boulevard, with more than 7,000 square meters (sq.m.) of retail space.

The mall is already 100% leased out, the company said in a statement on Friday.

“Despite being new in the mall development industry, DoubleDragon was able to properly put together a well-built community mall that is expected to change the landscape of several provincial areas in the Philippines,” the statement read.

The company has secured 20 prime properties in key provincial areas for its community malls, and several sites are under construction as DoubleDragon plans to complete the first 25 branches within the year.

All CityMalls will have a “standard look and feel” with an average of about 7,000 sq.m. of retail space each. They will be powered by solar panels and source water through a rainwater harvesting system.

The company reported a 360% surge in its net income last year to P560 million, while revenues from real estate sales also soared by 134.83% to P1.2 billion.

The developer aims to hit P1 billion in net profit by 2016 and P4.8 billion by 2020, with the bulk coming from recurring rental income of the one million leasable commercial space it is building.

CityMall is 66% owned by DoubleDragon and 34% by SM Investments Corp.

DoubleDragon is a joint venture between Injap Investments, Inc. of Mr. Sia, -- the founder of the Mang Inasal grilled chicken restaurant chain -- and Tony Tan Caktiong, chairman and founder of Jollibee Foods Corp.

DoubleDragon shares lost 24 centavos or 2.67% to close at P8.76 each on Friday.
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