DoubleDragon Properties Corp., a property development company, has acquired its 12th shopping mall site in the Philippines.
It is preparing to erect a community shopping mall to be located in Tiaong, Quezon, under the ‘CityMall’ chain.
DoubleDragon confirmed the signature of a 26-year long-term lease by its flagship subsidiary CityMall Commercial Centers Inc. (CMCCI), in a disclosure to the Philippine Stock Exchange on Monday. The lease is for prime commercial property, measuring 8000m², within the ‘Tagpuan sa Villa Escudero’ complex, situated along the Maharlika Highway in Barangay Lalig in Tiaong.
Maharlika Highway is known as one of the chief transport backbones in the country and is the main access to Lucena and other large neighboring cities in the Quezon province.
The development of a CityMall in this area will attract travelers and motorists travelling on the Maharlika Highway.
DoubleDragon stated that securing this 12th site has put it on track to meet its ultimate goal of completing and operating 25 CityMalls by the close of 2015 and 100 CityMalls by the close of 2020, all to be placed in strategic, prime locations.
The creation of this type of community mall chains, along with office developments and other commercial developments, will result in a stock of one million square meters of leasable area by DoubleDragon by 2020.
DoubleDragon owns 66% of its subsidiary CMCCI, with Henry Sy-led SM Investments Corp. holding a 34% share. The ‘CityMall’ chain is expected to become one of the biggest branded community mall networks in the country, holding floor space of around 5000 to 10000m² at each location.
3 OCTOBER 2014, Philippines
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