Monday, November 10, 2014
In a disclosure to the Philippine Stock Exchange, developer DoubleDragon Properties Corp. unveiled an increase of 1065 percent in their net income.
Over a period of nine months, from January to September, the property developer earned P337.8 million, a sharp spike from last year’s P28.9 million.
Its various projects, according to the company, are buoyed by strong market demand. With revenue pouring in from existing and future developments, Chairman and CEO Edgar “Injap” Sia II expresses that DoubleDragon should have no trouble raking in their target net income of P525 million by year’s end.
"The company has maintained a strong market demand for its various projects and our whole team remains thankful for the continued support of everyone," said Sia in a statement.
Known for their franchise of community malls called CityMall, the property developer has issued plans to build 25 CityMalls in “prime and strategic locations” by the end of 2015.
The 13th CityMall, announced in September, is set in Kalibo, Aklan, the jumping-off point to world-famous beach destination Boracay. By 2020, the company plans to have pegged the count at a hundred branches all over the nation, concentrating on provincial locations in Northern Luzon, Bicol, Palawan, and in Visayas and Mindanao.
CityMall Commercial Centers Inc. (CMCCI), the subsidiary in charge of the franchise, is 66 percent owned by DoubleDragon, and 34 percent owned by SM Investment Corp., led by Henry Sy.
DoubleDragon has several residential and commercial developments, among them W.H. Taft Residences, a 30-story condominium currently under construction beside the De LaSalle University on Taft Avenue in Manila.DoubleDragon itself is a joint venture between Sia, founder of restaurant chain Mang Inasal, and Tony Tan Caktiong, founder and chairman of Jollibee Foods Corp.