Philippine Daily Inquirer
3:16 pm | Friday, May 2nd, 2014
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MANILA, Philippines—Newly listed real estate developer DoubleDragon Properties Corp. is setting up a new shopping center in Divisoria, Manila, which it hopes to complete by September this year in time for the Christmas holiday shopping rush.
In a disclosure to the Philippine Stock Exchange on Friday, DoubleDragon said it had entered into a memorandum of agreement to acquire the rights, title and interests of Equitable Development Corp. and Menlo Capital Group over a 5,972-square meter real estate located at the intersection of CM Recto Avenue and Dagupan Street in Divisoria.
The company intends to start the renovation and construction of the new retail hub to be called “Dragon Shopping Center” by June in time for the targeted September 2014 completion. It will have several retail shops, a food court, 1,099 “tiangge” stalls and almost 500 parking slots.
“The project is envisioned to be the gateway to Divisoria and a go-to place for shoppers. The building will be designed for optimum efficiency and will be one of the most modern tiangge shopping malls in the Divisoria area,” the company said.
DoubleDragon said this project would not only boost its own revenue stream but provide opportunities to hundreds of budding small and medium enterprises (SMEs) who would locate in the new shopping center.
“The company also foresees long-term property value appreciation in this project,” the company said.
This project is undertaken outside of the community mall ventures of subsidiary CityMall Commercial Centers Inc. (CMCCI), which aims to set up about 100 community malls by 2020 under the “CityMall” branding.
DoubleDragon expects to breach the P1-billion net profit mark by 2016 with the rollout of this chain of community malls. By 2020, during which DoubleDragon would have reached its target of setting up about 100 community malls, net profit is targeted to hit P4.8 billion.
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Tags: Business , Divisoria , doubledragon properties corp. , Shopping Center
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