MANILA, Philippines - DoubleDragon Properties, a company owned by Jollibee owner Tony Tan Caktiong and Mang Inasal founder Edgar "Injap" Sia II, is planning to open a mall in Divisoria, Manila.
In a disclosure to the stock exchange, DoubleDragon said it has acquired a nearly 6,000 square meter prime real estate property at C.M. Recto corner Dagupan Sts., Divisoria. It had entered into a memorandum of agreement to acquire the property from Equitable Development Corp. and Menlo Capital Group.
DoubleDragon, a joint venture of Tan Caktiong and Sia II's Injap Investments Inc, envisions "Dragon Shopping Center" to be the gateway to Divisoria.
It plans to start the renovation and construction of the mall by June.
"(The company) targets the shopping mall to be completed by September this year, in time for the Christmas holiday shopping rush in the Divisoria area," DoubleDragon said.
The Dragon Shopping Center is expected to be one of the "modern tiangge" malls in the Divisoria area. It will have retail shops, a food court, 1099 tiangge stalls and nearly 500 parking slots.
"The company will take advantage of the shortage of supply of tiangge malls in the vicinity due to the suspended operations of a major tiangge shopping mall in the area brought about by a fire incident last year," DoubleDragon said.
The project is also expected to increase DoubleDragon's revenues. DoubleDragon is targeting to hit P1 billion net income by 2016 and P4.8 billion in net income by 2020.
DoubleDragon made its debut at the Philippine Stock Exchange last April.