Category: DoubleDragon Properties Corp.

DoubleDragon to build 12th CityMall in Quezon

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Property developer DoubleDragon Properties Corp. is building a community shopping mall in Tiaong, Quezon, under its “CityMall” chain, having secured its 12th shopping mall site in the country.

In a disclosure to the Philippine Stock Exchange on Monday, DoubleDragon said its flagship subsidiary CityMall Commercial Centers Inc. (CMCCI) has signed a 26-year long-term lease for a prime commercial lot with a footprint of 8,000 square meters within the “Tagpuan sa Villa Escudero” complex along Maharlika Highway in Barangay (village) Lalig in Tiaong.

Maharlika Highway was described as one of the country’s principal transport backbones and the primary access to Lucena and other major neighboring towns in Quezon province.

With the construction of a CityMall in the area, DoubleDragon said the complex would become a stop-over place for travellers and motorists traversing the Maharlika Highway.

“The development of a CityMall in the area will provide convenience to new and existing residential subdivisions nearby and will also cater to local and international tourists visiting and enjoying the scenic beauty of the historic colonial plantation of Villa Escudero Plantations and Resort,” the disclosure said.

By securing this 12th mall site, DoubleDragon said it’s on track to meet its goal of completing and operating 25 CityMalls by end-2015 and 100 CityMalls by 2020, all of which would be in “prime and strategic locations.”

DoubleDragon is building an inventory of a million square meters of leasable space by 2020 by creating this chain of community malls under the “CityMall” brand alongside other commercial and office developments.

CMCCI is a 66-percent owned subsidiary of DoubleDragon while Henry Sy-led SM Investments Corp. is a strategic partner with a 34 percent stake. The “CityMall” chain is envisioned to become one of the largest branded community mall networks in the Philippines with floor areas of about 5,000 to 10,000 square meters in each location.

SM partners with Jollibee, Mang Inasal founders for community malls

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The Sy group is investing in a community mall development company owned by the founders of Jollibee Foods Corp. and Mang Inasal.

In a disclosure to the stock exchange, SM Investments Corp. said it signed an investment and shareholders agreement for the acquisition of CityMall Commercial Center, Inc. shares equivalent to 34% of its outstanding capital stock.

The rest of CMCCI’s outstanding capital stock (66%) is held by DoubleDragon Properties Corp., a joint venture of Mang Inasal founder Edgar “Injap” Sia II’s Injap Investments and Jollibee founder Tony Tan Caktiong’s Honeystar Holdings Corp.

The joint venture agreement between SMIC and DoubleDragon was inked by DoubleDragon co-chairmen Sia and Tan Caktiong, SMIC president Harley Sy, DoubleDragon president Ferdinand Sia, SMIC chief finance officer Jose Sio and Double Dragon CFO Rizza Marie Joy Sia.

CCMIC, which was recently formed as a subsidiary of DoubleDragon, will serve as the umbrella company for all CityMall community mall projects in the country. DoubleDragon earlier said it aims to roll out 100 CityMall community malls by 2020.

“The investments will be made in tranches which will be determined soon but the total capex to roll out the 100 CityMalls is estimated at P23.75 Billion. And both the retail experience and the retail brands of the SM Group plus the financial muscle of SMIC will surely give CityMall expansion a boost,” Sia told ANC.

“The SM group coupled with our family (Injap Group) and the Tan family of Jollibee Group is expected to create a great synergy in the long-term,” he added.

A CityMall will have a floor area of approximately 5,000-10,000 square meters, and located mostly in Visayas and Mindanao. It will have a food court (which will feature Jollibee, Mang Inasal, Chowking, Highlands Coffee, Red Ribbon and Greenwich), retail shops and a supermarket.

“The partnership of the Sy, Tan and Sia families in CMCCI will bring in to the company the extensive experiences and wisdom of each families in managing, expanding and professionalizing a business entity,” the company said.

However, management of CMCCI will remain with DoubleDragon.

“Like SM, Jollibee and Mang Inasal, CityMall is expected to become another world class homegrown brand that every Filipino can be proud of,” it said.

Tan Caktiong and Sia became partners after Jollibee bought Mang Inasal in 2010. DoubleDragon Properties last month filed its application for a P1.16 billion initial public offering (IPO) with the Securities and Exchange Commission. The bulk of the proceeds will go to its flagship project, CityMall.

The first CityMall will be built in Roxas City, and completed by December 2014.

SM partners with Jollibee, Mang Inasal founders for community malls

PRNEWS Leave a comment

The Sy group is investing in a community mall development company owned by the founders of Jollibee Foods Corp. and Mang Inasal.

In a disclosure to the stock exchange, SM Investments Corp. said it signed an investment and shareholders agreement for the acquisition of CityMall Commercial Center, Inc. shares equivalent to 34% of its outstanding capital stock.

The rest of CMCCI’s outstanding capital stock (66%) is held by DoubleDragon Properties Corp., a joint venture of Mang Inasal founder Edgar “Injap” Sia II’s Injap Investments and Jollibee founder Tony Tan Caktiong’s Honeystar Holdings Corp.

The joint venture agreement between SMIC and DoubleDragon was inked by DoubleDragon co-chairmen Sia and Tan Caktiong, SMIC president Harley Sy, DoubleDragon president Ferdinand Sia, SMIC chief finance officer Jose Sio and Double Dragon CFO Rizza Marie Joy Sia.

CCMIC, which was recently formed as a subsidiary of DoubleDragon, will serve as the umbrella company for all CityMall community mall projects in the country. DoubleDragon earlier said it aims to roll out 100 CityMall community malls by 2020.

“The investments will be made in tranches which will be determined soon but the total capex to roll out the 100 CityMalls is estimated at P23.75 Billion. And both the retail experience and the retail brands of the SM Group plus the financial muscle of SMIC will surely give CityMall expansion a boost,” Sia told ANC.

“The SM group coupled with our family (Injap Group) and the Tan family of Jollibee Group is expected to create a great synergy in the long-term,” he added.

A CityMall will have a floor area of approximately 5,000-10,000 square meters, and located mostly in Visayas and Mindanao. It will have a food court (which will feature Jollibee, Mang Inasal, Chowking, Highlands Coffee, Red Ribbon and Greenwich), retail shops and a supermarket.

“The partnership of the Sy, Tan and Sia families in CMCCI will bring in to the company the extensive experiences and wisdom of each families in managing, expanding and professionalizing a business entity,” the company said.

However, management of CMCCI will remain with DoubleDragon.

“Like SM, Jollibee and Mang Inasal, CityMall is expected to become another world class homegrown brand that every Filipino can be proud of,” it said.

Tan Caktiong and Sia became partners after Jollibee bought Mang Inasal in 2010. DoubleDragon Properties last month filed its application for a P1.16 billion initial public offering (IPO) with the Securities and Exchange Commission. The bulk of the proceeds will go to its flagship project, CityMall.

The first CityMall will be built in Roxas City, and completed by December 2014.