City Mall 2 [ 3F | com | pro ]

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City Mall 2 [ 3F | com | pro ]

Post by Jan on Fri Jun 27, 2014 8:17 pm

DoubleDragon prepares ground for second Cebu mall

Tuesday, June 10, 2014
BusinessWorld

A SUBSIDIARY of property developer DoubleDragon, Inc. is widening its footprint in Metro Cebu by acquiring land for another mall there, the listed parent said in a statement attached to its disclosure yesterday.

DoubleDragon said its subsidiary, CityMall Commercial Centers, Inc. (CMCCI), has signed a 30-year lease agreement with Dunes and Eagle Land Development Corp. for a 1.1-hectare (ha) prime commercial lot along N. Bacalso Avenue in downtown Cebu City. Bacalso Avenue, the statement read, is a national road that connects the northern and southern parts of Cebu.

The property lies between an existing mall and Cebu South Bus Terminal, and a few meters from the planned Cebu City Medical Center Hospital.

“The site… is also right across Librando Transit Terminal and is surrounded by several transport terminals, schools, residential communities and government offices,” the statement added.

The project that will rise on the property “will be the second CityMall to be built in Cebu,” DoubleDragon said.

Project cost was not immediately available.

Last month, DoubleDragon disclosed that it acquired from Sta. Lucia Realty & Development, Inc. a 1.02-ha prime commercial lot in Cansaga, Consolacion, a first-class municipality that forms part of Cebu Metropolitan Area (Metro Cebu). Metro Cebu consists of urban centers beside Cebu City.

CMCCI plans to start construction of the CityMall there next month.

CMCCI, which is 66% owned by DoubleDragon and 34% owned by SM Investments Corp., plans to complete five CityMalls this year and another 20 by 2015. It aims to open 100 such community malls by 2020 and book a P1-billion net profit by 2016 and P4.8 billion by 2020.

The parent itself is building malls separately, including Dragon Shopping Center that will rise in Manila’s Divisoria district by September in time for the Christmas season.

DoubleDragon’s first-quarter report showed that net income grew 117% to P21.155 million from P9.762 million in the same three months of last year, as operating revenue similarly soared to P170.781 million from P71.363 million and operating expense jumped to P138.006 million from P57.421 million.

Other projects in the company’s portfolio are the 31-storey W.H. Taft Residences beside De La Salle University along Taft Avenue in Manila; Umbria Mall in Biñan, Laguna; as well as 111-unit FirstHomes Iloilo, 21-storey Injap Tower, People’s Condominium, and 236-unit The Uptown Place condominium project, all in Iloilo City.

Founded in December 2009, DoubleDragon is a joint venture of Injap Investments, Inc. of Mang Inasal Philippines, Inc. founder Edgar J. Sia II and Honeystar Holdings Corp. of Jollibee Foods Corp. founder Tony Tan Caktiong.



Source: http://www.smprime.com/smprime/index.php?p=587&type=2&sec=49&aid=17854

Jan
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Re: City Mall 2 [ 3F | com | pro ]

Post by Jan on Fri Jun 27, 2014 8:20 pm


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