(Source: Inside Retail Philippines | 22 December 2016)
DoubleDragon Properties Corporation plans to acquire 24 more sites for its CityMall retail centers and next year open all its malls now under development.
Its aim is to launch 100 CityMalls by 2020, the property development group’s chairman/CEO Edgar Sia II says. “Two years from now, all the 100 sites in Luzon, Mindanao and Visayas will have been secured.”
So far DoubleDragon has acquired 54 sites, with 10 malls already open, 29 in various stages of construction, and the remaining 15 in the planning and preparation stage. Opening dates may vary, depending on the tenants.
Sia says the average occupancy of the 10 working CityMalls is at 96 per cent.
Rolling out 100 CityMalls by 2020 will create about 700,000 sqm of leasable retail space. Along with the completion of the 280,000 sqm DD Meridian Park in Bay City and the 47,000 sqm Jollibee Tower in Ortigas, the company is on track to meet its goal of building one million square metres of leasable space by 2020.
CityMalls is a community mall format for provincial areas. It is 66 per cent owned by DoubleDragon and 34 per cent owned by SM Investments (SMIC).
DoubleDragon has also just announced that it is partnering with ABS-CBN Corporation for the roll-out of cinemas in its CityMalls.