DoubleDragon acquires 5 more sites for malls

MANILA, Philippines - DoubleDragon Properties Corp., the property joint venture of the founders of grilled chicken chain Mang Inasal and fastfood giant Jollibee Foods Corp., has further solidified its plan to open over two dozen community malls across the country by yearend with additional sites recently secured.

DoubleDragon told the local bourse yesterday that it has obtained through subsidiary CityMall Commercial Centers Inc. (CMCCI) five more premier sites across the country for the development of CityMalls.

The sites are located in Dumaguete City, Negros Oriental; Tagum City, Davao del Norte; Parola, Iloilo City; SCTEx Concepcion Service Area; and MacArthur Highway, Tarlac City.

Together, the lands have a total size of over seven hectares.

DoubleDragon said CMCCI has secured 20 sites, putting it in line with its goal of completing 25 CityMalls by end 2015 and 100 CityMalls by 2020.

CMCCI plans to put up community malls through the CityMall brand in prime locations across the country, mostly in the Visayas and Mindanao regions.

The company envisions these malls to become the largest branded community mall chain in the Philippines.