DoubleDragon-SMIC venture to build 2 CityMalls in Iloilo City

CityMall Commercial Centers Inc., owned by DoubleDragon Properties Corp. and SM Investments Corp., is set to build two community malls in Iloilo City, adding to a growing list of CityMall locations.

In a disclosure to the Philippine Stock Exchange, DoubleDragon said its 66-percent-owned subsidiary signed a long-term lease agreement with Iloilo Commercial Development Corp. for a 26-year lease of two prime lots in Ungka, Pavia and Tagbak, Jaro for two CityMalls in Iloilo.

Sy-led SM Investments Corp. owns 34 percent of CityMall Commercial.

The site in Ungka, Pavia, with an area of 1.19 hectares, is located beside the Pavia People's Transport Terminal.

The 0.8 hectare area in Tagbak, Jaro, on the other hand, is situated across the Tagbak Bus Terminal, the biggest transportation hub in Iloilo City.

Iloilo Commercial Development, owned and controlled by the Que family, operates Iloilo Supermart, the largest community mall chain in the city with seven branches.

The Que family has been in the supermarket business in Iloilo for over 30 years and owns several properties for expansion.

Recently, CityMall Commercial inked a 30-year lease agreement with Dunes and Eagle Land Development Corporation for a commercial property in Cebu.

So far, the company is building CityMall developments in Roxas City in Capiz province, Guiwan and Tetuan in Zamboanga City, and Consolacion in Cebu this year.

DoubleDragon is jointly owned by Jollibee Foods Corp. chairman Tony Tan Caktiong and business partner Edgar “Injap” Sia II. — Danessa O. Rivera/JDS, GMA News