DoubleDragon targets at least 30 operational CityMalls this year

MANILA, Philippines – DoubleDragon Properties Corp., the listed property and mall developer of Mang Inasal founder Edgar “Injap” Sia II and Jollibee Foods Corp., aims to have at least 30 operational CityMalls this year, putting the company on track to boost its network to 100 by 2020.

“Another clear goal we want to achieve in 2017 is to have at least 30 operational CityMalls and more than 50 under construction CityMalls in various parts of the countryside, en route to our 2020 goal of a string of 100 strong CityMalls,” Sia told The STAR.

The company has already secured 54 sites in different cities nationwide, of which 10 are already operating and 29 are being built.

He expects the CityMall brand to have a deeper brand recall by the end of the year.

“It will already be felt as the most dominant community mall brand in our country. We strongly believe that the CityMall’s unique synergy with the Jollibee Group, SM Group and ABS-CBN Group will start to show fruition in 2017,” Sia  added.

DoubleDragon recently signed an agreement with broadcasting giant ABS-CBN Corp. for the rollout of cinemas in its CityMall branches across the country.

CityMall will open 10 cinemas, each with a seating capacity of 100 to 120 seats, in the second quarter of next year.

This year, the company also expects to move to its new headquarters, occupying two floors of DoubleDragon Plaza within the 4.8 hectare DD Meridian Park complex in Pasay.

“I am excited for that because it will mark the start of the corporate maturity of the company as it starts to move out of start-up stage. It is also seen to make DoubleDragon a new serious contender that strives to capture the bright future of the Philippine property industry,” he said.

Foot traffic at its D8 Mall in Divisoria, meanwhile, more than doubled last year and is seen to further improve this year.

“We expect D8 Mall to further fortify its market clout in Divisoria by 2017,” Sia added.

DoubleDragon, formerly Injap Land Corp., was established in 2009 to primarily engage in the business of real estate development and other real estate-related business ventures.

In 2012, it became a joint venture between Injap Investments Inc., the holding company of the Sia family and Honeystar Holdings Corp.

DoubleDragon is confident it can meet its P1 billion net income target.