There is no doubt the residents of the Philippines enjoy heading to malls. They are also quite fond of their fast food with Jollibee and Mang Inasal being particular favorites. Naturally, finding a way to put all of them together is the next step.
And it is one that appears to be happening after Double Dragon, the property development firm started by the founders of Mang Inasal and Jollibee Foods Corp, announced plans to construct 100 branches of its CityMall chain around the country. A total of 53 sites have been selected for the retail centers with the developer hoping to have them all built or in the pipeline by 2020.
CityMalls are unique in that they are designed as community malls and not the massive shopping complexes the Philippines is famous for. The eight existing CityMall branches are located in provincial cities such as Roxas, Imus, and Zamboanga, communities that do not have malls operated by major players including Ayala Land and Robinsons Land.
In addition to avoiding saturated markets, Double Dragon is exploiting its connection to SM Prime Holdings who owns a 34 percent stake in the company. The partnership should be an advantage to help the fast-food-giants-cum-retail-developer better served communities that may not have a lot of shopping options.
In addition to the aggressive expansion of its community mall chain, Double Dragon is also stepping foot into the residential property development arena. Their projects include W.H. Taft Residences, a 31-story condominium next to the De La Salle University, and The SkySuites Tower, a 38-story project.
Image: CityMall Tetuan branch via facebook.com/citymallph
This story was originally published on Property-report.com.
