PROPERTY developer DoubleDragon Properties Inc. said it signed a 26-year term lease agreement for a 1-hectare corner commercial lot in Boracay Island, the new site of the company’s CityMall.
The company said in a statement that the new site of its community mall will be at the Diniwid Beach Road and Boracay Tambisaan Jetty Port Road in Station 1 area of the island.
“The road further up leads to several top resorts in the island and is envisioned to become the melting pot not only for the local and foreign tourists but also for the thousands of local residents and work force of the island from [station] 1, 2 and 3,” the company said.
DoubleDragon said its Boracay mall will be its first that will have a full-size supermarket benefiting restaurants and resorts by providing them with a wide selection of grocery items and other fresh meats and vegetables in the island,” the company said.
The company’s Boracay mall will be the company’s fifth in the Panay region.
DoubleDragon, which still has to open a mall, said its net income for the first half of the year reached P84.3 million, which is just 16 percent of its full-year target.
The company, which plans to build about 100 community malls in populated areas of the country with a total leasable area of about 700,000 square meters, said its first-half income was far better than last year’s P13.4 million, when the company was just starting its operation.
DoubleDragon said it is targeting to reach a net income of P1 billion by 2016 and P4.8 billion by 2020, with its revenue streams coming mainly from the rental income of the malls and office buildings that it plans to build between now through 2020.
The company said it will open five malls this year, commencing the operation of its first City Mall in Roxas City, Capiz on December 12 this year.
The opening date will coincide with the 11th founding anniversary of the first Mang Inasal branch, the fast-food company the Sia family built and then sold to Jollibee founder Tony Tan Caktiong.
VG Cabuag