News & Updates
Feb. 25, 2015 – [Interaksyon] DoubleDragon picks 5 more sites for chain of community malls
February 25, 2015
MANILA – DoubleDragon is expanding the footprint of its soon-to-rise chain of community malls.
In a disclosure to the Philippine Stock Exchange, DoubleDragon Properties Corporation said its unit, CityMall Commercial Centers Inc (CMCCI) has secured 5 more sites, including one in Dumaguete City, Negros Oriental; one in Tagum City, Davao del Norte; one Iloilo City; two in Tarlac City.
This brings to 20 the total number of sites for the company’s chain of community malls under the “CityMall” brand.
The Dumaguete project will occupy a 1.3-hectare corner lot along Veterans Avenue National Highway (Dumaguete-Bacong Road) at the heart of the city, which is the most populous in the province of Negros Oriental. The project site is beside the GSIS office, across the Negros Oriental Provincial Hospital, and near the Siliman University and the St. Paul University.
The Tagum project occupies a 1.9-hectare lot at the corner of Lapu-Lapu Extension and Maharlika Highway, which is the main road that neighboring towns to the capital city of Davao del Norte. The project site is surrounded by schools, transport terminals, subdivisions, hospitals, churches, government offices, hotels and commercial establishments.
The Iloilo project in Parola will become part of another DoubleDragon project, the Iloilo-Guimaras Ferry Terminal, a 1.3-hectare fully landscaped complex which will house a terminal for ferries plying the routes of Guimaras and Iloilo. The Ferry Terminal Complex is envisioned to provide a world-class ferry terminal with the CityMall-Parola Iloilo inside the complex to provide commuters an array of food and retail choices.
The first of two Tarlac projects will be located at the southern terminus of the Subic–Clark–Tarlac Expressway (SCTEx), which is a 93.77-kilometer four-lane expressway north of Manila built by the Bases Conversion and Development Authority (BCDA). The southern terminus of the SCTEX is at the Subic Bay Freeport Zone in Zambales.
The SCTEX project site will be integral to Seaoil Philippines’ 24/7 refuelling station in the area.
Lastly, the CityMall-Tarlac MacArthur will rise on a 1.9-hectare corner lot along the MacArthur Highway and would be bounded by subdivisions, commercial establishments, schools and churches. DoubleDragon said the company will capitalize on Tarlac’s location as a pitstop for travellers going to northern Luzon.
DoubleDragon aims to put up 25 CityMalls this year and increase that to 100 by 2020. CMCCI is jointly owned by DoubleDragon and Henry Sy Sr. of the SM Group.
Dec. 23, 2015 – [ABS-CBN News] DoubleDragon plans 2nd CityMall in Bacolod
MANILA, Philippines – CityMall Commercial Centers Inc. (CMCCI), the mall development arm of DoubleDragon Properties Corp., is planning to build a second community mall in Bacolod City.
In a disclosure to the stock exchange, DoubleDragon said CMCCI secured a joint venture for a 1-hectare prime commercial lot in Mandalangan, Bacolod City, where the community mall would be built.
The CityMall – Mandalagan Bacolod will be located along Lacson-Mandalagan Street, near public market, churches, hospitals, banks and residential subdivisions.
DoubleDragon said the property is the 15th site secured by CMCCI for its CityMall chain. A CityMall outlet is a one-floor strip mall with 5,000 to 10,000 square meters of retail space.
“(This) puts the company on track to meet the goal of completing its first 25 CityMalls by end of 2015 and a total of 100 CityMalls by 2020, all in prime and strategic locations around the Country,” DoubleDragon said.
DoubleDragon sees strong growth in Bacolod, citing the city’s fast-growing information technology and business process outsourcing sectors.
“The whole DD team continues to be determined on its near-term goals of reaching 1 million square meters of prime leasable spaces around the country. We believe that this will provide the company with both a strong recurring rental income and a string of valuable appreciating assets,” the company said.
CMCCI earlier said it has secured a 1.1-hectare prime commercial lot along Araneta St. in Bacolod City to build the CityMall-Goldenfields Bacolod. The project is part of a joint venture involving the redevelopment of a 6-hectare mixed-use complex to serve the north of Bacolod.
DoubleDragon, the property firm of Mang Inasal founder Edgar “Injap” Sia II and Jollibee Foods owner Tony Tan Caktiong, is planning to open 100 CityMalls by 2020, mostly located outside Metro Manila.
Dec. 15, 2014 – [Philippines Today] DoubleDragon unveils construction of first CityMall in Roxas City
MANILA, Dec. 15 (PNA) — Listed DoubleDragon Properties Corp. on Monday unveiled the construction of its first ever CityMall in a 1.2-hectare prime property located in Roxas City, Capiz.
In a disclosure to the Philippine Stock Exchange, DoubleDragon said CityMall-Arnaldo Roxas is already 100 percent leased out and will conduct its grand opening once all the tenants have completed their store renovations.
To date, six other CityMall sites are under various stages of construction.
“By the first half of 2015, all the other CityMalls will be simultaneously under full-swing construction as the first 25 CityMalls are targeted to be completed by the end of 2015, all in line with the aim to reach 100 completed CityMalls by 2020,” the company said.
DoubleDragon Chairman Edgar Injap Sia II said the construction of the first CityMall is expected to be completed in eight months.
“Our dynamic team are all set and determined to make CityMall the most successful community mall in the Philippines, and we aspire to eventually see a CityMall in every vibrant community around the Country serving the daily necessities of our fellow Filipino shoppers,” Sia said.
“CityMall is expected to become the most vibrant community mall chain in the country, bringing in near you the complete line of your favourite top basic food and non-food retail brands,” the company said. (PNA)
Dec. 10, 2014 – [Manila Standard Today] DoubleDragon secures site in Bacolod City for 14th CityMall
By | Dec. 10, 2014 at 10:55pm
DoubleDragon Properties Inc. said Wednesday it has secured its 14th site for the planned chain of community malls under CityMall brand.
DoubleDragon said in a disclosure to the stock exchange unit CityMalls Commercial Center signed a joint venture for a 1.1-hectare prime commercial center along Araneta Street in Bacolod City where CityMall-Goldenfields Bacolod will be constructed.
The company said the site was an integral part of the six-hectare Goldenfields Commercial Complex that would soon be redeveloped as a new and vibrant mixed-use development to serve northern part of Bacolod.
“CityMall-Goldenfields Bacolod is another prime and strategic site secured by CMCCI and put the company on track to meet the goal of completing and operating 25 CityMalls by the end of 2015 and 100 CityMalls by 2020,” DoubleDragon said.
The future site is located across the old Bacolod Airport and is only a few meters from the numerous residential subdivisions, schools and commercial establishments that surround it.
Bacolod City is the capital and center of commerce and finance in Negros Occidental and is the most populous city in Western Visayas.
DoubleDragon, which was listed with the Philippine Stock Exchange in February, aims to become one of the largest commercial and residential developers by 2020.
It expects net income to reach P1 billion by 2016 and P4.8 billion by 2020.
The developer plans to spend P24 billion to build 100 CityMalls stores across the country with a gross floor area of 700,000 square meters.
DoubleDragon is set to open five CityMalls this year alone.
DoubleDragon is a 50-50 joint venture between Injap Investments Inc. of Edgar Sia and Honeystar Holdings Corp. of Jollibee Foods Corp. chairman Tony Tan Caktiong.
DoubleDragon owns a 66-percent stake in CMCCI while the remaining 34 percent is owned by SM Investments Corp. of tycoon Henry Sy.
DoubleDragon raised P7.4 billion in October from the issuance of seven-year fixed rate notes.
Proceeds from the corporate notes issue will be used to finance capital expenditures primarily for rollout of community malls as well as office and leasing businesses including DoubleDragon Plaza at the Meridian Park, Dragon8 Shopping Center-Divisoria and The Skysuites Tower in Quezon City.