DoubleDragon
Properties Corp. will build a shopping mall in Manila’s Divisoria district
within the year, according to a statement released on May 2, 2014 by the newly
listed real estate joint venture of the founders of Jollibee Foods Corp. and
Mang Inasal Philippines, Inc., barbeque fast food chain that now forms part of
Jollibee. DoubleDragon said it has entered into a memorandum of agreement “to
acquire the rights, title and interests of Equitable Development Corp. and
Menlo Capital Group in a 5,972-square meter prime real estate property at C.M.
Recto corner Dagupan streets, Divisoria, Manila”.
The project will be called Dragon Shopping Center. DoubleDragon
plans to start construction next month and aims to complete it by September “in
time for the Christmas holiday rush in the Divisoria area”. The mall will house
retail shops, a food court, 1,099 tiangge stalls and parking slots for
“almost 500” vehicles, the statement read. “Through this project, the company
will take advantage of the shortage of supply of tinagge malls in the
vicinity due to the suspended operations of a major tiangge shopping
mall in the area brought about by a fire... last year,” the company said,
referring to the Divisoria Mall blaze in November.
DoubleDragon listed last April 7,
2014 after raising some P1.16 billion in an initial public offering that ran
from March 26 to April 1. Through majority-owned subsidiary CityMall Commercial Centers, Inc., the
company aims to separately build a total of 100 community malls in seven years,
“mostly in the Visayas and Mindanao.” DoubleDragon’s other projects are the
31-storey W.H. Taft Residences beside De La Salle University along Taft Avenue
in Manila; Umbria Mall in Biñan Laguna; as well as 111-unit FirstHomes Iloilo,
21-storey Injap Tower, People’s Condominium, and 236-unit The Uptown Place
condominium project, all in Iloilo City.
DoubleDragon is a joint venture of
Injap Investments of Mang Inasal Philippines, Inc. founder Edgar J. Sia II and
Honeystar Holdings Corp. of Jollibee Foods Corp. founder Tony Tan Caktiong. Its
profit grew 37% annually to P126.63 million last year and has adopted an
“income target” of P1 billion by 2016 and P4.8 billion by 2020. Its shares
gained five centavos or 1.16% to close P4.36 apiece on Friday (May 2, 2014)
from P4.31 each on Wednesday.
Source: Business World
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