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Thursday, May 22, 2014

DoubleDragon unit acquires Cebu property for new mall

DoubleDragon Properties Corp has acquired a commercial property north of Cebu's capital for a new shopping mall.

In a disclosure to the Philippine Stock Exchange, DoubleDragon said subsidiary CityMall Commercial Centers Inc has acquired a 10,251-square meter prime commercial corner lot right across the Consolacion Public Market.

"The company intends to build another CityMall in this prime commercial property which is targeted to start construction by July this year," DoubleDragon said.

DoubleDragon is a 50-50 joint venture between Injap Investments Inc and Honeystar Holdings Corp. Jollibee founder Tony Tan Caktiong owns Honeystar, while Mang Inasal founder Edgar "Injap" Sia II owns Injap Investments.

DoubleDragon targets to open five CityMalls this year and another 20 by the following year.

As of March 31, the first CityMall in Roxas City that is expected to be completed by December is already 93 percent leased out. Two other CityMalls are set to start construction in Zamboanga by the second quarter.

The CityMalls will have floor areas of approximately 5,000-10,000 square meters and will rise in prime locations nationwide, mostly in the Visayas and Mindanao.

The malls will house the fast-food brands under the Jollibee Foods Corp umbrella, such as Jollibee, Mang Inasal, Chowking, Greenwich, Red Ribbon and Highlands Coffee.

DoubleDragon closed the first quarter with a profit of P21.1 million, up from last year's P9.8 million. Revenues climbed to P172.5 million from the P71.3 million in 2013.

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