CityMalls to build 2 outlets in Zamboanga
By: Krista Angela M. Montealegre, InterAksyon.com
Let us all welcome another mall development from DoubleDragon Properties..
GRAND CITYMALL GUIWAN
(C) Jerry Lee Ebias
April 14, 2014 4:32 PM
CityMalls is two-thirds owned by DoubleDragon, a joint venture between Jollibee's Tony Tan Caktiong (left) and Mang Inasal's Ed Sia (2nd from left)
MANILA – The developer of CityMalls has sealed a deal with the Lim family to construct two community malls in Zamboanga.
In a disclosure to the Philippine Stock Exchange, DoubleDragon Properties Corp said CityMall Commercial Centers Inc (CMCCI) signed today an investment and shareholders agreement with Galleria Zamboanga Inc for the development of one CityMall on a one-hectare property in Tetuan and another on a 1.4-hectare lot in Guiwan.
Construction is expected to start by end of the second quarter.
CMCCI and Galleria Zamboanga will form a 70-30 joint venture company, Prime DDG Commercial Centers Inc, which will serve as the corporate vehicle for the ownership of the CityMalls.
Galleria Zamboanga will contribute the land as equity in the joint venture company.
Galleria Zamboanga, which is owned by the Lim family who is based in that city, has operated the Southway Square Mall and Shop-O-Rama Department Store in the downtown area for over three decades.
DoubleDragon owns 66 percent of CMCCI while SM Investments Corp owns the remaining 34 percent after buying into the community mall developer last February.
DoubleDragon is spending P24 billion to build a hundred CityMalls to become the largest branded community mall chain in the country by 2020.
By that time, DoubleDragon would have a million square meters of total leasable space, 700,000 square meters from CityMalls and 300,000 square meters from mid- and large-sized commercial centers, warehousing projects and office projects.
CityMalls will have floor areas of approximately 5,000-10,000 square meters and will rise in prime locations nationwide, mostly in the Visayas and Mindanao.
CityMalls will house the fast-food brands under the Jollibee Foods Corp umbrella, such as Jollibee, Mang Inasal, Chowking, Greenwich, Red Ribbon and Highlands Coffee.
The non-food space will cater to various retailers, including those of the SM Group, such as Savemore, Ace Hardware, Watson's, Toy Kingdom, SM Appliance, BDO and Chinabank.
DoubleDragon is a 50-50 joint venture between Injap Investments Inc and Honeystar Holdings Corp. Jollibee founder Tony Tan Caktiong owns Honeystar, while Mang Inasal founder Edgar "Injap" Sia II owns Injap Investments.