Jollibee owner’s property firm to build second mall in Cebu
MANILA, Philippines – DoubleDragon Properties Corp., through its subsdiary CityMall Commercial Centers Inc. (CMCCI) of Jollibee Foods owner Tony Tan Caktiong and Mang Inasal founder Edgar “Injap” Sia II, is set to build its second mall in Cebu.
In February, SM Investments Corporation (SMIC) acquired a 34% stake in CMCCI, the community mall arm of DoubleDragon, a 50-50 joint venture between Jollibee Foods Corporation and Injap Investments.
CMCCI is envisioned to become one of the largest branded independent community mall chains in the country, with 5,000 to 10,000 sq. m. prime locations primarily in the Visayas and Mindanao. Around 100 CityMalls are planned between now and 2020.
In a disclosure Monday, June 9, CMCCI signed a 30-year, long-term lease agreement with Dunes and Eagle Land Development Corporation for the construction of a Grand CityMall in a prime commercial lot along N. Bacalso Ave., in downtown Cebu.
The second mall site is within the vicinity of Colon, a highly-populated shopping and business district. N. Bacalso Ave. is a national road connecting both the whole Northern and Southern parts of Cebu.
The second mall property is right in between an existing mall and the Cebu South Bus Terminal, and a few meters away from the soon-to-rise Cebu City Medical Center Hospital.
It is also right across from Librando Transit Terminal and is surrounded by several transport terminals, schools, residential communities, and government offices.
In a disclosure, DoubleDragon said it always makes sure that all its projects are located in prime and strategic locations, like in Cebu—the Philippines’ second international gateway. “[The malls], coupled with top retail brands as locators is a sure formula for long-term viability and success,” DoubleDragon said.
The first CMCCI Cebu mall is set to start construction July in Cansaga, Consolacion town of the province, in a prime property acquired from Sta. Lucia Realty & Development Inc.
“CityMall is poised to become a household brand and become the preferred ‘Everyday Mall’ of the future,” DoubleDragon said. – Rappler.com
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