MANILA, Philippines – CityMall Commercial Centers Inc. (CMCCI), the mall development arm of DoubleDragon Properties Corp., is set to build two community malls in Zamboanga City through a partnership with Galleria Zamboanga Inc. (GZI).
CMCCI said a CityMall will be built in a 1-hectare prime lot in Tetuan and another in a 1.4-hectare prime commercial property in Guiwan.
Construction is expected to start by end-June this year.
CMCCI and GZI signed an investment and shareholders agreement to form the joint venture company Prime DDG Commercial Centers Inc.
CMCCI owns 70 percent of Prime DDG while the remaining 30 percent is owned by GZI of the Zamboanga-based Lim family.
GZI is currently operating Southway Square Mall and Shop-O-Rama Department Store in Zamboanga.
CMCCI, on the other hand, is the subsidiary of DoubleDragon, the property firm of Mang Inasal founder Edgar “Injap” Sia II and Jollibee Foods owner Tony Tan Caktiong.
CMCCI is planning to open 100 CityMalls in the next five years, mostly located outside Metro Manila.
A CityMall outlet is a one-floor strip mall with 5,000 to 10,000 square meters of retail space.
The first CityMall will be built in Roxas City, and is expected to be completed by December 2014.
SM Investments Corp. also recently signed an investment and shareholders agreement to acquire 34 percent of CMCCI.
Under the agreement, SM is given first choice for its retail brands.