DoubleDragon Properties' CityMall
MANILA, Philippines - DoubleDragon Properties, a company owned by Jollibee Foods owner Tony Tan Caktiong and Mang Inasal founder Edgar "Injap" Sia II, is planning to build a second shopping mall in Cebu.
In a disclosure, DoubleDragon said its subsidiary CityMall Commercial Centers Inc. has signed a 30-year long-term lease agreement with Dunes and Eagle Land Development Corp. for a prime commercial lot along N. Bacalso Avenue in downtown Cebu.
A Grand CityMall will be built on the 1.1 hectare property, which is located between the EMall Cebu and the Cebu South Bus Terminal. It is also across the Librando Transit Terminal, and a few meters away from the soon-to-rise Cebu City Medical Center Hospital.
"The site is within the vicinity of Colon in downtown Cebu area, a vibrant and highly-populated shopping and business district," DoubleDragon said.
CityMall is 66 percent owned by DoubleDragon and 34 percent owned by Henry Sy-led SM Investments Corp.
The Grand CityMall will be CityMall's second mall in Cebu.
Last month, CityMall said it acquired a 1-hectare, prime commercial lot in Cansaga, Consolacion, Cebu from Sta. Lucia Realty. Construction of the mall in the Cansaga property will start by July.
"DoubleDragon Properties always makes sure that all its projects are located in prime and strategic locations because DD believes that its ability to secure prime locations coupled with having the top retail brands as locators is a sure formula for long-term viability and success," the company said.