Property developer DoubleDragon Properties Corp. (DD) is set to enter Southern Luzon’s retail property market with the acquisition of a two-hectare prime commercial lot in Imus, Cavite, on which it will build its first community mall south of Metro Manila.
In a disclosure to the Philippine Stock Exchange on Monday, DD said its subsidiary CityMall Commercial Centers Inc. (CMCCI) had signed a 26-year long-term lease agreement for the commercial lot on General Emilio Aguinaldo Highway in Anabu, Imus, Cavite.
The property is owned by the Chan family, producer of Oishi snack products likewise a partner of DD chief executive officer Edgar Sia II in other private-held businesses like hotel development and retailing.
The upcoming community mall under the brand “CityMall” in Cavite will occupy the front portion of the Chans’ over 30-hectare manufacturing complex, which was intentionally allocated for commercial development.
CityMall is envisioned to become a household brand and the preferred “everyday mall”.
CMCCI, the unit in charge of the shopping mall portfolio, is 66 percent owned by DD and 34 percent owned by SM Investments Corp.