(Source: Inside Retail Asia | May 14, 2015)
A Philippines property developer has raised US$112 million to help fund the ambitious development plan for 100 shopping malls across the nation.
DoubleDragon Properties Corp plans to roll out the 100 CityMalls-branded centres by 2020 – the first 25 by the end of this year.
The compact community malls will comprise between 5000 and 10,000 sqm of leasable space each, with the company projecting it will have 1 million sqm of leasable space by 2020.
DoubleDragon chief information officer Joselito Barerra Jr said successfuly raising the cash – in seven year corporate notes – demonstrates strong investor confidence in strategy.
The publicly listed property company is jointly owned by the founder of fast food giant Jollibee Foods, Tony Tan Caktiong, and restaurateur Edga Sia Jr. Unsurprisingly, the malls will prominently feature Jollibee restaurants.
The first CityMall opened in Roxas City in Capiz in late April.
“DoubleDragon has already secured more than half of the land required to develop its targeted 1 million square meters of total leasable space within the next five years,” Sia said.
“Only a little over a year since its initial public offering in the Philippine Stock Exchange, the company has been able to consolidate a string of prime commercial properties across the country totaling to about 35.2 hectares.”