DoubleDragon brings CityMall presence to Boracay

MANILA, Philippines - DoubleDragon Properties Corp., the property joint venture of the founders of grilled chicken chain Mang Inasal and fastfood giant Jollibee Foods Corp., said it has recently secured a one-hectare prime commercial lot in Boracay under a 26-year lease agreement.

For its 12th site, DoubleDragon is bringing its CityMall brand to Boracay, a premier tourist destination of the country and one of the world’s best beach resorts.

DoubleDragon said CityMall-Boracay is expected to become the top commercial destination in Boracay as it is set to be the first community mall with a full-size supermarket in the whole island.

 “CityMall-Boracay is envisioned to be a must-visit place not only for the local and foreign tourists but also for the thousands of local residents and workforce of the island from station 1, 2 and 3,” the firm said.

Operating vehicle City Malls Commercial Centers Inc. (CMCCI) intends to put up a total 25 operating CityMalls by end of 2015. It has already secured 12 prime and strategic sites for the community malls, including lots in Aklan, Cotabato City and Pampanga.

CMCCI is 66-percent owned by DoubleDragon while the remaining 34 percent is held by mall and banking conglomerate SM Investments Corp.

DoubleDragon aims to reach the P1-billion net income level by 2016 and P4.8 billion by 2020. It targets to reach one million square meters of total leasable space portfolio by 2020, of which 700,000 sqm is expected to come from 100 CityMalls mostly in the Visayas and Mindanao.