- Details
- Category: Companies
- 02 May 2014
- Written by VG Cabuag
DOUBLEDRAGON Properties Corp. on Friday said it would buy a property in Divisoria, Manila, as the company plans to construct a mall in the traditional shoppers’ paradise to rise in time for Christmas shopping this year.
The company said that it entered a memorandum of agreement with Equitable Development Corp. and Menlo Capital Group for the acquisition of a 5,972-square-meter (sq m) property at the corner of C.M. Recto and Dagupan streets in Divisoria.
It will rename its community mall as Dragon Shopping Center, its first mall in Metro Manila. The company did not disclose how much it acquired the property.
Construction for the mall will start in June and the mall will open some time in September.
“The project is envisioned to be the gateway to Divisoria and a go-to place for shoppers,” the company said.
“The building will be designed for optimum efficiency and will be one of the most modern tiangge shopping malls in the Divisoria area,” it said, adding that its facility will have 1,099 stalls and about 500 parking slots. It said that the company will take advantage of the closure of Divisoria Mall, one of the major shopping facilities in the area, in May last year.
“The project will not only increase the company’s revenue streams but will also provide opportunities to hundreds of budding SME entrepreneurs who will locate their businesses in the project.
“The company also foresees long-term property value appreciation in this project,” it said.
The company, co-owned by the Edgar Sia II who founded Mang Inasal and Tony Tan-Caktiong who founded the Jollibee fast-food chain, plan to become “one of the largest branded independent community mall chain in the Philippines.”
The duo said a mall would have a floor area of about 5,000 to 10,000 sq m and located in “prime locations in the Visayas and Mindanao.”
The company is eyeing to put up 100 CityMalls, or the brand of its community malls, with an aggregate space of about 1 million sq m by 2020.
The first CityMall will sit on a 12,654- sq-m property on Arnaldo Boulevard, Roxas City.
It is scheduled to open during the fourth quarter next year, the company earlier announced.
VG Cabuag
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