DoubleDragon secures 14th site for community mall chain in Bacolod

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 obtained the 14th site for its chain of community malls.

DoubleDragon told the local bourse yesterday that its subsidiary CityMall Commercial Centers Inc. (CMCCI) has secured a joint venture agreement for a 1.1-hectare commercial lot in Bacolod City.

The site where CityMall Goldenfields Bacolod will rise is part of the six-hectare Goldenfields Commercial Complex that will soon be redeveloped as a mixed-use hub in North Bacolod.

“Bacolod has an upbeat local economy and unlimited opportunities for trade and investments because the city is home to many of the country’s top corporations,” DoubleDragon said.

“The site is located across the old Bacolod airport and is surrounded by residential subdivisions, schools and commercial establishments,” the company added.

DoubleDragon said the newly-secured site will put the company on track to meet the goal of completing its planned 25 operating CityMalls by the end of next year and 100 CityMalls by 2020.

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

DoubleDragon’s net income soared more than 10 times to P337.8 million in the first nine months this year from P28.9 million last year.

Among the company’s notable projects are The SkySuites Corporate and Residential Towers, The Meridian Park project at the corner of EDSA and Macapagal Avenue in Pasay City, WH Taft Residences beside De La Salle University Taft A ve., DragonS Shopping Center-Divisoria, and flagship project City Mall, which is envisioned to become the largest branded community mall chain in the Philippines.