Monday, September 29, 2014

CityMall set to rise in Kalibo, Aklan

A new CityMall is set to rise in Kalibo, Aklan, the jumping-off point to the country’s most popular beach destination – Boracay.

Kalibo’s upcoming CityMall – the 11th of its name in the country – will be set along a new road connecting Mabini and Toting Reyes Streets, a stone’s throw from public markets, schools, and hospitals. 

A subsidiary of DoubleDragon Properties Corp., CityMall Commercial Centers Inc. (CMCCI) issued that the site, measuring 1.1 hectares, is prime location for their franchise. 
“As a major tourism entry way, the inflow of tourists to Boracay Island catalyzes rapid economic expansion and municipal landscape development – making it ideal to put up a CityMall in the area,” said the property developer.

With 5,000-10,000 square meters of retail space spanning one floor, CityMalls make up a franchise of strip malls, currently with thirteen outlets in development, five of which are set to open by the end of the year. CityMall Roxas in Arnaldo Blvd., Roxas City will be the first to open its doors, followed by the outlets in Zamboanga-Tetuan, Tagbak-Jaro Iloilo, Consolacion-Cebu and Anabu-Imus, Cavite.

CMCCI hopes to open 100 CityMalls across the Philippines in the next five years. With Kalibo, in particular, CMCCI issued that it aims to “uplift the community mall standard [and] revolutionize the community mall industry in the Philippines.”

CMCCI is a joint venture between DoubleDragon and SM Investments Corp., each of whom owns 66 percent and 34 percent, respectively. DoubleDragon, likewise, is a joint venture company, split 50-50 between Injap Investments Inc., owned by Mang Inasal founder Edgar Sia II, and Honeystar Holdings Corp., owned by Jollibee Foods Corp. chairman Tony Tan Caktiong.

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