PROPERTY developer DoubleDragon Properties Corp. said its income grew 83 percent during the nine months of the year to P1.4 billion, from last year’s P761 million, as revenues more than doubled.
Revenues hit P4.08 billion, from last year’s P1.99 billion, as more of its community malls start to open in third-tier cities and municipalities in the country.
“We expect the inflection point of these transitions to be felt within the next three years, just in time for the completion of our goal of having a strong network of 100 CityMalls in the provincial areas of the Philippines,” DoubleDragon Chairman Edgar Sia II said. “We are glad that CityMall has already started to gain significant traction in the countryside, which we aim to dominate as we grow organically.” The company said its CityMall’s relevance in the provincial areas is becoming evident due to the organic shift from traditional retail to modern retail in the tier-three provincial areas of the country and the noticeable penetration of e-commerce in the tier-one urban areas of the country.
“In parallel, these two transitions are expected to make expansion into CityMalls more and more critical to modern retail tenants seeking to hedge its exposure against the disruptive digitalization of the retail environment in Metro Manila,” it said.
The company added its rental income for the nine months of the year tripled to P448 million, from P152.2 million last year.
The company launched its 25th CityMall last week in Koronadal City, South Cotabato. “This marks an important milestone for the company having a quarter of its targeted CityMalls already on stream and starting to contribute,” DoubleDragon said.
The company’s newly formed subsidiary, CentralHub, also continues to progress forward with its first site in Tarlac.
“We foresee CentralHubs will play a major role as the consumer market of our country continues to grow significantly and spread out into the countryside.”