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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