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Tuesday, September 23, 2014

DoubleDragon expands footprint to Aklan

A subsidiary of DoubleDragon Properties Corp has acquired a prime commercial property in Aklan where the real estate firm plans to put up its branded community mall.

In a disclosure to the Philippine Stock Exchange, DoubleDragon said its joint venture with SM Investments Corp -- CityMall Commercial Centers Inc (CCCI) -- secured a 1.1-hectare lot along a new road that will be built connecting Mabini and Toting Reyes streets in Kalibo town.

The site is bounded by a public market, schools, hospitals and situated within the commercial and residential zones in Kalibo, a first class municipality and the international gateway of Western Visayas, being the jump off point to Boracay.

"As a major tourism entryway, 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,” DoubleDragon said.

Envisioned to become one of the country's biggest property developers by 2020, DoubleDragon is building a hundred community malls under the brand CityMalls, mostly in the Visayas and Mindanao.

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 is beefing up its portfolio of developmental and recurring income-generating projects to generate a net income of P1 billion by 2016 and P4.8 billion by 2020, making it one of the biggest players in the local real estate scene.

The property developer closed the first half with a profit of P84.3 million, up 526 percent from P13.4 million a year ago, on strong sales take up and windfall from new investments.

- Interaksyon

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