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DoubleDragon-SMIC venture to build a CityMall in Imus, Cavite


(Updated 12:28 p.m.) CityMall Commercial Centers Inc., a joint venture between DoubleDragon Properties Corp. and SM Investments Corp., has struck its third deal this month to build a branded community mall – this time in Imus, Cavite.
 
In a disclosure to the Philippine Stock Exchange Monday, DoubleDragon said its 66-percent owned subsidiary signed a long-term lease agreement with the Chan family for a 26-year lease on a commercial lot along General Emilio Aguinaldo Highway in Anabu, Imus, Cavite.
 
Aguinaldo Highway runs from Las Piñas City, through Bacoor, Imus, Dasmariñas and Silang, and ends in Tagaytay City, Cavite.
 
The lot is part of a 200-hectare of Imus Industrial Estate owned by Chan family, the producer of Oishi snack products.
 
"The property, which is the front portion of their over 30-hectare manufacturing complex, was intentionally allocated for future commercial development," the disclosure read.
 
DoubleDragon noted the lot is within the vicinity of residential subdivisions and major industrial and manufacturing establishments.
 
Earlier this month, CityMall Commercial signed a 26-year lease agreement with Iloilo Commercial Development Corp. involving two lots in Iloilo City and a separate 30-year lease agreement with Dunes and Eagle Land Development Corporation for a commercial property in Cebu City.

Unicapital Securities Inc. research head Lexter Azurin said the lease agreements are part of the DoubleDragon's expansion plan – in line with its growth targets.
 
"They just listed in April and we've seen them accelerating their expansion to provinces," he said.
 
Earlier this month, CityMall Commercial signed a 26-year lease agreement with Iloilo Commercial Development Corp. involving two lots in Iloilo City and a separate 30-year lease agreement with Dunes and Eagle Land Development Corporation for a commercial property in Cebu City.
 
"They're still looking for more properties and in the next few months, we'll see them accelerate further," Azurin said. "We'll see bulk of the projects come by 2015 and 2016," he added.
 
DoubleDragon aims to roll out a total of 100 CityMall community malls by 2020, of which five will be opened this year and 20 more by 2015.
 
This year, the company intends to pursue CityMall developments in Roxas City in Capiz, Guiwan and Tetuan in Zamboanga City, and Consolacion in Cebu.
 
DoubleDragon is jointly owned by Jollibee Foods Corp. chairman Tony Tan Caktiong and business partner Edgar “Injap” Sia II, while SM Investments is a holding company of the SM Group founded by Henry Sy Sr., the richest man in the Philippines. – Danessa O. Rivera/VS, GMA News
 
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