Wednesday, May 28, 2014
DoubleDragon Properties Corp, a joint real estate venture between the founders of Jollibee Foods Corp and Mang Inasal Philippines Inc, will build a shopping mall in Divisoria, Manila during the course of this year.
DoubleDragon says it has entered into a memorandum of agreement to purchase a 5 972 square meter property located at the corner of C.M. Recto and Dagupan in Divisoria, Manila.
Construction of the mall, Dragon Shopping Center, will begin next month and the project is expected to be completed in September later this year, just in time for the Christmas holiday rush.
Aiming to be one of the most modern shopping centers in the area, its plans include incorporating 1 099 tiangge stalls and 500 parking slots, in addition to the standard mall food court and retail shops. DoubleDragon envisions the Dragon Shopping Center as the gateway to Divisoria.
“Through this project, the company will take advantage of the shortage of supply of tiangge malls in the vicinity due to the suspended operations of a major tiangge shopping mall in the area brought about by a fire incident last year.”
From an initial public offering earlier this year, the company was able to raise P1.16 billion that will go towards the financing of the first five CityMalls, including land acquisition and general working purposes.
DoubleDragon plans to build a hundred community malls under the brand CityMalls over the next seven years. The location of these malls will be mostly within the Visayas and Mindanao regions, with the first CityMall to open in Roxas City, Capiz, in the fourth quarter of 2015.
With this great number of projects, DoubleDragon's portfolio of developmental and recurring-income projects is projected to generate P1 billion by 2016 and P4.8 billion by 2020, making the 50-50 joint venture between Jollibee founder Tony Tan Caktiong and Mang Inasal founder Edgar J. Sia II one of the largest property developers in the country.