PHILIPPINE REAL ESTATE and RELATED NEWS in and around the country . . .
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CPG to open P1-B office building in December

ASIAN Century Center is compliant with the United States’ Green Building Council’s Leadership in Energy and Environmental Design.
CENTURY Properties Group, Inc. (CPG) will open a new office building in Bonifacio Global City (BGC) in December, expecting the project to generate around P468 million in revenues annually once fully leased out.

In a statement issued Monday, the Antonio-led property developer said the P1-billion Asian Century Center will offer a total of 26,913 square meters.

Located along 27th Street on the corner of 3rd and 4th Avenues of BGC, the building has been accredited by the Philippine Economic Zone Authority (PEZA), granting locators with tax perks. It is also compliant with the United States’ Green Building Council’s Leadership in Energy and Environmental Design (LEED).

The tower was developed in partnership with Asian Carmakers, Corp., the exclusive distributor and importer of BMW vehicles in the Philippines. CPG earlier said the 21-storey tower will house the largest BMW showroom in the country.
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CLI, Archdiocese of Cebu sign lease agreement

[ bworldonline.com]
CEBU Landmasters, Inc. is redeveloping the Patria de Cebu property in downtown Cebu.
CEBU Landmasters, Inc. (CLI) on Monday said it has signed a lease agreement with the Archdiocese of Cebu to redevelop the latter’s 6,670-square meter (sq.m.) property in downtown Cebu.

In a disclosure, the listed property developer said it is allocating P900 million for the redevelopment of the Patria de Cebu property into a mixed-use project.

Under the agreement, CLI will develop and operate the new Patria de Cebu property, located in front of the Metropolitan Cathedral Church, for 40 years.

CLI said the approved master plan includes retail and office buildings, as well as a hotel with a Rome-inspired plaza.

Groundbreaking for project is set for the first quarter of 2019. CLI targets to complete the project in 2021, which will mark the 500th year of Christianity in Cebu.

“We envision the new Patria de Cebu to be a center of culture that will celebrate Cebu’s history and heritage… The new Patria de Cebu will uplift the downtown area that is in need of a master-planned development that connects well to the city’s history while creating new practical functions to serve the community,” Jose R. Soberano III, president and chief executive officer of CLI, was quoted as saying in the statement.

Currently, CLI has 52 projects that are in different stages of development across eight cities in Visayas and Mindanao.

Shares of CLI dipped by three centavos or 0.68 % to close at P4.36 each on Monday. — V.M.P.Galang
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Clark Global City secures SM Prime as anchor locator

Global Gateway Development Corp. (GGDC) and SM Prime signed a sublease agreement for up to 10 hectares of the former’s 177-hectare leasehold within the Clark Freeport Zone in Mabalacat, Pampanga.
Image from Bases Conversion and Development Authority

(The Philippine Star) - October 29, 2018 - 12:00am
MANILA, Philippines — Clark Global City has secured its first anchor locator, SM Prime Holdings Inc., the country’s biggest property developer.

Global Gateway Development Corp. (GGDC) and SM Prime signed a sublease agreement for up to 10 hectares of the former’s 177-hectare leasehold within the Clark Freeport Zone in Mabalacat, Pampanga.

GGDC, a Udenna company, will initially sublease five hectares of Clark Global City to SM Prime. Within the next three years, the property development arm of the SM Group will have the option to take five more hectares.

The subleased space will effectively expand the adjacent retail, office and hotel developments of SM Prime in Clark Freeport Zone. 

“Clark Global City provides us another platform to help develop Clark and thereby unlock employment and business opportunities in the region,” said Hans Sy, chairman of the executive committee of SM Prime.

“We will explore more opportunities to contribute to the transformation of Clark as a premier investment destination in Asia-Pacific.” 

Clark Global City is a master-planned development with a buildable area of more than 123 hectares. It will host top-grade office buildings, up-market retail outlets, contemporary academic centers, sports centers, an urban park, an iconic tower, a hotel and casino and modern support services and amenities. 

At present, Clark Global City is home to a 173-bed hospital under The Medical City brand along with two fully leased out grade A office buildings.

The existing office buildings, with 57,000 square meters of leasable office and retail spaces, form part of a complex called West Aeropark. Three more buildings, which have been pre-leased, are under construction at the site.

“Having SM Prime as one of our anchor locators boosts our efforts in developing Clark Global City as the country’s new center of business, life and innovation,” GGDC chairman Dennis Uy said.

“We look forward to welcoming more companies and investors as partners in realizing our vision for Clark Global City, which we believe will translate to more jobs and better living conditions for our fellow Filipinos.”
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DoubleDragon buys third warehouse complex site

Published
By James A. Loyola

DoubleDragon Properties Corporation’s industrial warehouse leasing subsidiary CentralHub Industrial Centers Inc. is expanding its presence in the Visayas with the acquisition of its third site.

Double dragon logo mb
(Photo courtesy of doubledragon.com.ph/)

In a disclosure to the Philippine Stock Exchange, DoubleDragon said the new site for its CentralHub industrial warehouse complex is located in Danao, Cebu.

CentralHub-Cebu will have an initial area of 5.2 hectares with a capacity of 27,212 square meters of industrial warehouse space.

This will be the second major hub of CentralHub in the Visayas region following the recent acquisition of CentralHub-Iloilo.

A total of 15.3 hectares of prime industrial land has been acquired by CentralHub to date with a total capacity of 81,219 square meters of industrial warehouse leasable space.

This includes its pilot development, CentralHub-Tarlac, whose first phase was already completed and turned over to its commissary tenant.

CentralHub is envisioned to become the leading provider of industrial warehouses in the Philippines through the development of its first eight CentralHub sites by 2020.

Of the eight, two will be located in North Luzon (including CentralHub-Tarlac), two in South Luzon, two in the Visayas (Iloilo and Cebu) and two in Mindanao.

These eight CentralHub locations are projected to have a total capacity of up to 400,000 square meters of warehouse leasable space.

Each hub will contain modern standardized multi-use warehouses suited for commissaries, cold storage, light manufacturing and logistic distribution centers.

The Company aims to have at least 100,000 square meters of leasable industrial warehouse space spread across eight CentralHub sites by 2020.

CentralHub is expected to play a larger role in DoubleDragon’s expansion plans 2020 and beyond.

DoubleDragon Chairman Edgar “Injap” Sia II said “we are very enthusiastic over the distinct potential of CentralHub industrial complexes. Just on the pilot phase in CentralHub-Tarlac it is already achieving double digit yields which we expect will further strengthen as CentralHub scale up in number of warehouses.”
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QC realty tax hike cleared to proceed

Quezon Memorial Circle
By Vann Marlo M. Villegas

THE SUPREME COURT has lifted the temporary restraining order (TRO) on a Quezon City 2016 ordinance that increased the fair market values of real property for taxation purposes, saying the petitioner Alliance of Quezon City Homeowners’ Association, Inc. (AQCHAI) had no legal capacity to file the case in the first place.

In its Sept. 18 ruling, the court en banc noted that AQCHAI itself admitted that it has no juridical personality as its certificate of registration from the Securities and Exchange Commission had been revoked and it failed to register to the Housing and Land Use Regulatory Board.

“Wherefore, the petition is dismissed due to petitioner Alliance of Quezon City Homeowners’ Association, Inc.’s lack of legal capacity to sue. The Temporary Restraining Order issued on April 18, 2017 is hereby lifted,” the decision read.

“Jurisprudence provides that an unregistered association, having no separate judicial personality, lacks the capacity to sue in its own name,” it stated.

Rules of court state that “only natural or juridical persons, or entities authorized by laws, may be parties in civil action.”

AQCHAI insisted that its petition should not be dismissed since it was filed by the members of its board of trustees in their “own personal capacities” by authorizing its treasurer, Danilo Liwanag, through an authorization letter, to file on their behalf.

The high court disagreed, saying it was evident in the title and the “Parties” section of the petition that the AQCHAI was the petitioner and the authorization letter indicated that the signatories “signed merely in their official capacities as Alliance’s trustees.”

“Thus, the resolution of the issues anent the validity and constitutionality of Quezon City Ordinance No. SP-2556, Series of 2016 — while indeed of great public interest and of transcendental importance — must nonetheless await the filing of the proper case by the proper party,” the decision read.

The court issued the TRO on April 18 last year.

AQCHAI had argued the hefty hike in fair market values had “no factual basis,” were “unjust, excessive, oppressive, arbitrary, and confiscatory” and resulted from a “brief one-day” consultation in November 2016 before its approval on Dec. 14, 2016.

The ordinance raised the fair market values of residential, commercial and industrial real properties by 400-733.33%, consequently raising tax payable by real property owners by 39-131%.

New assessment levels are five percent for residential and 14% for commercial and industrial lands.

Before the ordinance was enacted, these values were last adjusted in December 1995 even if Republic Act No. 7160, or the Local Government Code of 1991, requires adjustment every three years.

Many local governments fail to observe the law, however, since their officials are elected every three years. Mid-term elections are scheduled in May 2019.

The offices of the mayor, vice-mayor and treasurer of Quezon City could not be reached for comment, while an AQCHAI official declined to comment, saying he had yet to read the decision.

Latest available data from the Finance department’s Bureau of Local Government Finance showed that Quezon City was the biggest contributor to Metro Manila’s revenues last year, 
accounting for P15.161 billion (four percent more than P14.535 billion in 2016) or nearly a fifth of the National Capital Region’s P77.099-billion total collections.

Real property tax was Quezon City’s second-biggest tax revenue source last year at P3.431 billion, next to P9.204 billion in business tax.
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Makati awards subway project to Antonio Tiu-led consortium

[ bworldonline.com ]
 

THE consortium led by IRC Properties, Inc. can now proceed with its $3.7-billion Makati Subway System project, after securing the nod of the Makati City government.

In a disclosure to the stock exchange on Tuesday, the listed firm led by businessman Antonio L. Tiu said it has received the notice of award from Makati’s Public-Private Partnership Committee for the construction and operation of the 11-kilometer subway through a joint venture agreement.

The consortium, which includes IRC and Chinese partners Greenland Holdings Group, Jiangsu Provincial Construction Group Co. Ltd., Holdings Ltd., and China Harbour Engineering Company Ltd., is the original proponent for the project. There were no competing bids submitted during the Swiss challenge. “The company shall, in due course, inform the public through a disclosure the schedule of commencement of operations, including ground breaking activities,” IRC said. 
 
The Makati Subway System will have eight to 10 underground stations in key areas such as Ayala Avenue, Makati City Hall, Poblacion Heritage Site, University of Makati, and Ospital ng Makati.

To be built at no cost to the government, the consortium expects to accommodate up to 700,000 passengers per day aboard six car trains with a capacity of about 200 people each.
The subway will also have provisions to be interlinked with other mass transport systems such as the Metro Rail Transit Line 3, the Pasig River ferry, and the proposed Metro Manila Mega Subway.

The Makati City government earlier said the project is scheduled for groundbreaking by December, with completion targeted for 2025.

To support its foray into infrastructure, IRC increased its authorized capital stock to P19.5 billion, consisting of 9.5 billion common shares with a par value of P1 per share and one billion preferred shares with a par value of P10 per share.

The company said the shares may be issued through private placement, preemptive rights offering, or other such agreements.

In a separate disclosure, IRC said it signed subscription agreements with two companies on Tuesday, allowing it to raise P4.97 billion in fresh capital.

Aggregate Business Group Holdings, Inc. (ABG), which already holds a 26.94% stake in IRC prior to the agreement, further subscribed to 4.15 billion common shares in the company at P1.10 apiece, for a total of P4.56 billion.

Auspicious One-Belt-One-Road Fund (AOF) meanwhile subscribed to 368.18 million common shares in the company at the same price, amounting to P404.99 million.

The shares were taken from the increase in IRC’s outstanding capital stock.

The Philippine Stock Exchange suspended trading of IRC shares following the disclosure, explaining that the transaction is covered by rules on backdoor listing. Prior to being suspended, IRC shares jumped 3.1% or eight centavos to P2.66 each. — Arra B. Francia

CLI forays into estate development across Visayas, Mindanao

[ bworldonline.com ]
By Anna Gabriela A. Mogato
Cebu Landmasters announced a slew of new estate development projects to ensure market leadership in the Visayas and Mindanao regions. — HTTP://WWW.CEBULANDMASTERS.COM/
LISTED property developer Cebu Landmasters, Inc. (CLI) will be exploring estate development as it seeks to firm up its market leadership in Visayas and Mindanao.

In a disclosure to the Stock Exchange on Tuesday, CLI said that it has already set its sights on developing 200 hectares of land across Cagayan de Oro, Cebu, Davao, Mactan, and Mandaue.

This comes after the company had “successfully ventured into horizontal and vertical residences, offices, hotels, and mixed-used properties,” CLI CEO Jose Soberano III said.

“We are now ready to get into large scale estate developments to fortify our presence and leadership in the region,” he said.

At present, CLI said that it is implementing 52 projects, now at various stages in development, across eight cities in Visayas and Mindanao.

Mr. Soberano also said that among the listed cities that they plan to develop, the company has specifically noted that Cebu, Davao, and Cagayan de Oro pose great opportunities due to its economic growth.

Currently in the pipeline for CLI is a 22-hectare central business district in Matina, Davao City. Its first phase is valued at around P10 billion and is expected to generate 10,000 jobs in construction.

Also in development in Davao are a two-tower residential condominium due to be completed by 2020 and a 1.9-hectare mixed-used development along McArthur Highway in Matina, set for completion in 2021.

In Cagayan de Oro, CLI is also looking to seal deals on integrated estate developments, as well as condominium and residential subdivision projects. Its first project in the region, the three-tower MesaVerte Residences is expected to be completed by 2020.

CLI is also planning to develop a 20-hectare property into a business park in Cebu, responding to demand for more office spaces in the region.
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Cebu condo expected to generate P1.5-B sales

[ bworldonline.com ]



Megaworld Artist’s perspective of La Victoria Global Residences at The Mactan Newtown
MEGAWORLD Corporation said it expects to generate P1.5 billion in sales from its fourth residential project in The Mactan Newtown in Lapu-Lapu City, Cebu.

In a statement, the property developer said the 20-storey La Victoria Global Residences will have 181 units.

The condominium tower’s Spanish-inspired architecture reflects the historical significance of Galleon Victoria. The ship brought Ferdinand Magellan to Cebu island in 1521.

“Galleon Victoria arrived in the Philippines in 1521, and completed its circumnavigation of the globe in 1522. This piece of history that eventually showcased the victory of native Filipinos will be commemorated by this new residential tower inside The Mactan Newtown,” Noli D. Hernandez, president of Megaworld Cebu Properties, Inc., was quoted as saying.

Mr. Hernandez said La Victoria Global Residences is expected to be completed by 2022, in time for the Galleon Victoria’s 500th year of circumnavigation.

Units at the tower feature studio units of up to 40 square meters (sq.m.); one-bedroom units of up to 53 sq.m.; two-bedroom units of up to 80 sq.m.; and three-bedroom units of up to 118 sq.m. All units will have their own balconies.

La Victoria Global Residences will have an infinity pool, kiddie pool, pool lounge, reading lounge, children’s play area, fitness center, jogging path, day-care center and a function room.

The Mactan Newtown is also home to residential developments 8 Newtown Boulevard, One Pacific Residence and One Manchester Place, as well as the Newtown School of Excellence. — V.M.P. Galang
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Megaworld eyes P700-M sales in new Cavite development

[ bworldonline.com ]
The 10-storey condominium will complement the Cavite township’s sustainable and environmentally-friendly features.
By Anna Gabriela A. Mogato

Listed property developer Megaworld Corp. is expecting to generate P700 million in sales from its recently-launched 10-storey condominium in General Trias, Cavite.

In a disclosure to the Stock Exchange on Monday, The Verdin at Maple Grove, located in its 140-hectare Maple Grove township, will be designed to complement the Cavite’s “green” central business district (CBD).

“A huge part of the masterplan will be Makati-inspired, where green parks and interconnected streets are surrounded by malls, office buildings and residential towers,” said Rachelle PeƱaflorida, Megaworld vice president for sales and marketing.

“There will be fresh air to breathe, and enough space to relax and meditate,” she said. “There will be pocket gardens and areas to commune with nature.”

Accessible through Coastal Road and CAVITEX, Megaworld said that the township is only 30 to 45 minutes away from Makati CBD and Fort Bonifacio.

The Maple Grove township, containing 363 ‘prime lots’ for companies businesses to locate in, was announced just last year. The project was intended to be surrounded by seven open parks.

Megaworld said it’s new residential project will make use of solar-powered outlets in the outdoor amenity deck and energy-generating equipment in its outdoor fitness area. Recycled and indigenous materials will also be used for the pool deck and children’s playground.

Set to be complete by 2023, the condominium will comprise 140 units, ranging from 32 square meters to 79 square meters.
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SM to expand in Clark Global City

  ] bworldonline.com ]
Photo by Victor V. Saulon
BUSINESSMAN Dennis A. Uy’s Global Gateway Development Corp. (GGDC) has engaged SM Prime Holdings, Inc. to be the first locator in its 177-hectare Clark Global City leasehold in Pampanga. 
 
In a statement issued Wednesday, GGDC said it has signed a sublease agreement with Sy-led SM Prime for up to 10 hectares inside the Clark Freeport Zone. 

“Having SM Prime as one of our anchor locators boosts our efforts in developing Clark Global City as the country’s new center of business, life and innovation,” Mr. Uy said.


–– ADVERTISEMENT ––
Under the deal, GGDC will sublease an initial five hectares to SM Prime. The SM Group will then have the option of taking up five more hectares within the next three years. 

“Clark Global City provides us another platform to help develop Clark and thereby unlock employment and business opportunities in the region,” GGDC quoted SM Prime Chairman Hans T. Sy as saying in a statement. 

The subleased space will allow SM Prime to expand its adjacent developments in the area, which includes SM City Clark, a four-storey retail and office building for business process outsourcing firms, and the Park Inn Hotel. 

“We will explore more opportunities to contribute to the transformation of Clark as a premier investment destination in Asia-Pacific,” Mr. Sy said. 

Earlier this year, Mr. Uy’s group secured the government’s approval for the lease rights of Clark Global City for a total of 75 years. This came after the group’s $1-billion acquisition of the growing logistics hub in 2017. 

Since the start of its development, the master planned development already has a 173-hospital bed carrying the Medical City brand and two fully-leased out Grade A office buildings covering around 57,000 square meters of leasable office and retail spaces. The buildings form part of the West Aeropark complex. 

Mr. Uy’s group is currently constructing three more buildings in the office complex, all of which have been pre-leased. 

“We look forward to welcoming more companies and investors as partners in realizing our vision for Clark Global City, which we believe will translate to more jobs and better living conditions for our fellow Filipinos,” Mr. Uy said. 

GGDC’s parent, Udenna Development Corp., earlier said it plans to invest $6 billion for the development of Clark Global City. This includes the construction of more office buildings, residential developments, hotels, hospitals, schools, transport terminal, sports center, and a casino and entertainment complex. — Arra B. Francia 
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Avida allots P7.4 billion for Mandaluyong condo

[ bworldonline.com ]
AVIDA Towers Verge is a three-tower condominium development in Mandaluyong City. — AVIDA LAND CORP.
AVIDA LAND Corp. will be spending P7.4 billion to build the first phase of its multi-tower residential condominium in Mandaluyong.

The mid-range brand of listed property developer Ayala Land, Inc. unveiled on Wednesday Avida Towers Verge, a three-tower condominium development along Reliance Street corner Mayflower Street, Mandaluyong City.

The first tower consists of 34 floors with a total of 1,020 residential units and seven commercial units. The units range from junior one-bedroom, or studio units, spanning 22 to 24 square meters (sq.m.), and one-bedroom covering 34 to 36 sq.m.

–– ADVERTISEMENT ––
The junior one-bedrooms are priced from P4.2-4.4 million, while one-bedroom units are sold from P6.7-7.7 million. Monthly amortization starts at P17,000.

Avida Land Manager for Project and Strategic Management Group Melissa D. Corpuz said the company expects to generate P4 billion from the sale of units in the first tower, noting that 10% has been sold so far. At this pace, Ms. Corpuz said they expect to out the tower by next year.
“We are targeting professionals and millennials. Practically for them, a condo unit will serve as a primary or secondary home to be closer to their place of work and socials,” Ms. Corpuz said during a press briefing in Makati City on Wednesday.

The company will start constructing the second tower once it reaches 70% sales take-up in the first. The entire development will have more than 2,500 units.

Construction of amenities will also be done in the first phase. This includes a clubhouse, indoor gym, swimming pool, kiddie pool, play area, and gazebos.

The launch of Avida Towers Verge followed the completion of Avida Towers Centera, its four-tower condominium project also located along EDSA in Mandaluyong. The company said it spent P5.3 billion to develop the project.

Avida Land is currently turning over units at Avida Towers Centera, where it has nearly sold out 2,526 units.

Since its launch in 2011, Avida Land said prices of units have appreciated by as much as 40% to P139,000 per sq.m.

“Mandaluyong is a prime real estate hot spot. Its condo market is the country’s most buoyant, with demand often outstripping supply… While prices of condo units significantly rise in the area over time, it continues to be at a mid-level price range compare to other cities in the country,” Avida Land Vice-President for Project and Strategic Management Group Apollo B. Tanco said in a statement.

The company is likewise selling the 32 retail units in the first and second levels of the property, 70% of which have already been leased out. — Arra B. Francia
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Megaworld adds 3rd hotel to Iloilo Business Park

[ bworldonline.com ]
ARTIST’S perspective of Belmont Hotel Iloilo
MEGAWORLD Corp. is continuing to expand its homegrown hotel brand, as it revealed plans to open a Belmont Hotel within the Iloilo Business Park in Mandurriao, Iloilo City.

In a statement, Megaworld said the Belmont Hotel Iloilo will be the third hotel in the business park, after Richmonde Hotel and Courtyard by Marriott. It is targeted to open in 2023.

The 12-storey hotel will have 405 suites, targeting tourists attending events at the Iloilo Convention Center which is within walking distance.

–– ADVERTISEMENT ––
“We have seen the huge potential of Iloilo as a tourism destination. With the Iloilo Convention Center as a main facility for Meetings, Incentives, Conventions and Exhibitions (MICE), there is no doubt that Iloilo City needs another world-class hotel. And we are bringing another Megaworld homegrown hotel brand, which has gained popularity among business travelers since Belmont Hotel Manila opened in 2015,” Jennifer Palmares-Fong, vice-president for sales and marketing of Megaworld Iloilo, was quoted as saying in a statement.

In 2017, around 1.08 million local and foreign tourists visited Iloilo City.

Megaworld opened its first Belmont Hotel at Newport City in Pasay City. It is planning to open the second one at Boracay Newcoast next year, while another is being planned at The Mactan Newtown in Lapu-lapu City, Cebu.

Shares in Megaworld went up by five percent or 0.21 centavos to close at P4.41 apiece at the stock exchange on Tuesday. — Vincent Mariel P. Galang
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DoubleDragon partners with Equicom for clinics at CityMalls

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BW FILE PHOTO
DOUBLEDRAGON Properties Corp. said it has partnered with the operator of MyHealth Clinics to open medical clinics in its community malls.

In a statement issued Tuesday, the listed property developer said its subsidiary CityMall Commercial Centers, Inc. (CMCCI) signed a strategic partnership with Equicom Group for the rollout of the latter’s multi-specialty medical clinics in CityMalls nationwide.

DoubleDragon said the first batch of clinics will be built in 12 CityMalls in the next 12 months, with four each in Luzon, Visayas, and Mindanao.

–– ADVERTISEMENT ––
“These strong alliances further solidifies the relevance of CityMalls in the communities we serve,” DoubleDragon Chairman Edgar J. Sia II said in a statement.

“With the addition of state-of-the-art medical and dental clinics in CityMalls, we will now have the best modern retail brands, the strongest fastfood brands, the leading entertainment cinemas and the foremost medical clinic provider all in one roof,” he added.

MyHealth Clinic is under the Equicom Group and an affiliate of Maxicare Healthcare Corp., touted as the largest health maintenance organization in the country. It operates a network of full-service ambulatory clinics offering outpatient health care products and services.

The Equicom Group is led by businessman and banker Antonio L. Go, who was previously the chairman of Equitable PCI Bank. The bank was considered the third largest in the country in terms of assets until it was acquired by Sy-led BDO Unibank, Inc. in 2007.

CMCCI, the umbrella company for all CityMall projects, is 66% owned by DoubleDragon and 34% owned by SM Investments Corp.

The company is targeting to have 50 CityMalls by end of the year. This month, community malls opened in Iponan in Cagayan de Oro City and Sorsogon City in Bicol. It is set to open in Calapan City, Mindoro; and San Carlos City, Pangasinan next week, and in November, branches in Isulan, SOCCSKARGEN; Roxas Avenue, Capiz; Bulua, Cagayan de Oro City; and Cadiz City, Negros.

DoubleDragon aims to have 100 CityMalls covering 700,000 square meters (sq.m.) by 2020. The malls are mostly located in Tier 2 and 3 cities in the provinces, as the company seeks to position itself as the number one mall operator in those areas.

DoubleDragon’s net income surged 234% to P1.26 billion in the first six months of 2018, on the back of a 123% jump in consolidated revenues to P3.63 billion. Recurring revenues amounted to P1.41 billion during the period, 199% higher year-on-year.

Shares in DoubleDragon jumped 2.44% or 44 centavos to close at P18.46 each at the stock exchange on Tuesday. — ABF
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