Screengrab from www.doubledragon.com.ph
MANILA, Philippines—Newly listed property developer DoubleDragon Properties Corp. is setting up a new shopping center in Divisoria, Manila, that it hopes to complete by September this year in time for the Christmas shopping rush.
In a disclosure to the Philippine Stock Exchange on Friday, DoubleDragon said it had entered into a memorandum of agreement to acquire the rights, title and interests of Equitable Development Corp. and Menlo Capital Group over a 5,972-square-meter property at CM Recto corner Dagupan Streets in Divisoria.
The company said that it intends to start the renovation and construction of “Dragon Shopping Center” in Divisoria by June this year in time for the targeted September 2014 completion.
It will have several retail shops, a food court, 1,099 tiangge malls and almost 500 parking slots.
“The project is envisioned to be the gateway to Divisoria and a go-to place for shoppers. The building will be designed for optimum efficiency and will be one of the most modern tiangge shopping malls in the Divisoria area,” the company said.
DoubleDragon said this project would not only boost its own revenue stream but also provide opportunities to hundreds of budding small and medium enterprises (SMEs) that would locate in the new shopping center.
“The company also foresees long-term property value appreciation in this project,” the company said.
This project is undertaken outside of the community mall ventures of subsidiary CityMall Commercial Centers Inc. (CMCCI), which aims to set up about 100 community malls by 2020 under the “CityMall” brand.
DoubleDragon chair Edgar Sia II said Dragon Shopping Center would only be in Divisoria, noting that the tiangge concept is very suitable in the area.
“Divisoria is and will always be the heart of shopping in the Philippines where you can find the best finds at wholesale prices,” Sia said, adding that the company was “set to make the building a landmark and a must-visit place in Divisoria.”
Originally posted: 3:16 pm | Friday, May 2nd, 2014
DoubleDragon expects to breach the P1-billion net profit mark by 2016 with the rollout of this chain of community malls.
By 2020, during which DoubleDragon would have reached its target of setting up about 100 community malls, net profit is targeted to hit P4.8 billion.
Earlier, DoubleDragon also inked a partnership deal with a local group to put up two CityMall malls in Zamboanga City.
CMCCI executed an investment and shareholders agreement with Galleria Zamboanga Inc. (GZI) to form a company that would develop a shopping mall in Tetuan and another in Guiwan, Zamboanga.
DoubleDragon, a joint venture between Mang Inasal founder Edgar “Injap” Sia II and Jollibee group founder Tony Tan Caktiong, expects to invest close to P24 billion to build a chain of 100 community malls in the next five to six years.—Doris C. Dumlao