CityMall to lease out 50 rooftops for common towers

Up to 50 rooftops of CityMall Commercial Centers Inc. establishments are set to house cellular towers on their rooftops, as the company on Thursday said it inked a lease agreement with one of the prospective tower providers.

In a regulatory filing submitted by parent company DoubleDragon Properties Corp., CityMall signed a lease agreement with ALT-Global Solutions Inc. for the lease of up to 50 rooftops of CityMalls across the country.

"DoubleDragon continues to find ways to further optimize its revenues such as tapping new rental revenue streams from leasing of roof space for solar, advertising spaces in its string of strategic properties around the country, and from rooftop space leasing for common telco towers," the filing read.

ALT-Global is among the 19 common telecommunications tower companies that have signed a Memorandum of Understanding (MOU) with the Department of Information and Communications (DICT).

The government's planned common tower policy seeks to free telecommunications companies from costly capital expenditures in building communication towers.

The towers will then be shared by incumbent telco operators -- Globe Telecom Inc., Mislatel Consortium, and PLDT Inc. which owns Smart Communications Inc. —LDF, GMA News