CityMall to be built on Oishi snacks maker's property in Cavite

ABS-CBN News

Posted at Jun 23 2014 10:55 AM | Updated as of Jun 23 2014 06:55 PM

MANILA, Philippines - CityMall Commercial Centers Inc (CMCCI), a company owned by the founders of Jollibee Foods Corp. and Mang Inasal and Henry Sy's SM Investments, is building its first community mall in Cavite on a property owned by the Chan family.

In a disclosure to the stock exchange, DoubleDragon said its subsidiary CMCCI has signed a 26-year long-term lease agreement for a prime lot along General Emilio Aguinaldo Highway in Anabu, Imus.

DoubleDragon said the property is owned by the Chan family, who owns snack food firm Liwayway that is best known for the Oishi brand.

The CityMall-Anabu, Imus will be CMCCI's first CityMall in southern Luzon.

The property is located at the front portion of the Oishi producer's 30-hectare manufacturing complex, and located near several residential subdivisions and industrial and manufacturing establishments.

DoubleDragon cited the rise of Imus as a "favorable site" for major industrial, manufacturing and commercial establishments that provide thousands of jobs.

CMCCI is 66 percent owned by DoubleDragon and 34 percent owned by SM Investments Corp.

The first CityMall is expected to open in Roxas City this year. There are plans to build community malls in Cebu, Zamboanga and Iloilo.

DoubleDragon, which was founded by Jollibee's Tony Tan Caktiong and Mang Inasal's Edgar "Injap" Sia II, is also building the Dragon Shopping Center in Divisoria.

DoubleDragon is targeting to open 100 CityMall community malls by 2020 and hit P1 billion net income by 2016 and P4.8 billion in net income by 2020.