[ bworldonline.com ]
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.
“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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