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.

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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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DoubleDragon more than doubles first-quarter profit

DoubleDragon owners Tony Tan Caktiong (left) and Ed Sia (2nd from left) with PSE officials during stock market listing.

The real estate joint venture of the founders of Jollibee and Mang Inasal said earnings surged in the first three months of the year on higher revenues.

In a disclosure to the Philippine Stock Exchange, DoubleDragon Properties Corp chairman and chief executive Edgar "Injap" Sia II said the company expects profit to exceed its net income guidance of P340 million this year, a growth of at least 170 percent from the P126.63 million in 2013.

In the first quarter, DoubleDragon’s earnings surged 117 percent to P21.2 million from P9.8 million in the same period last year.

Consolidated revenues rose 142 percent to P172.50 million in the January to March period from P71.3 million in 2013.

Revenue from real estate sales, which accounts for majority of the consolidated revenues, jumped 139 percent to P170.7 million from P71.3 million previously on the strength of the property development sector.

"We expect continuous growth to be driven by current and near-term developments. DoubleDragon's latest offering, Dragon Shopping Center in Divisoria, is expected to contribute significantly to the net income target for the year," Sia added.

DoubleDragon will build its first mall in Metro Manila at hawkers’ haven Divisoria next month. The shopping center will be completed by September just in time for the Christmas holiday shopping rush.

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.

The company targets to complete five CityMalls this year and will start laying the groundwork for the next 20 to be opened by 2015.

The company raised P1.16 billion from an initial public offering at the start of the year to finance the development of the first five CityMalls, acquisition of land and pre-development work for near-term projects and general working capital purposes.

The company is beefing up its portfolio to generate a net income of P1 billion by 2016 and P4.8 billion by 2020.

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.

- Interaksyon