MANILA, Philippines – CityMall Commercial Centers Inc. (CMCCI), the mall development arm of DoubleDragon Properties Corp., is planning to open a CityMall branch in Tiaong, Quezon.
CMCCI on Monday said it has signed a 26-year long-term lease for an 8,000-sqm prime commercial lot in Tagpuan sa Villa Escudero along Maharlika Highway in Brgy. Lalig in Tiaong.
The firm said the site, which is located between a gas station and a fast food restaurant, is envisioned to be a “stop-over place for travelers and motorists” traversing the busy highway and part of the Tagpuan sa Villa Escudero complex.
“The development of a CityMall in the area will provide convenience to new and existing residential subdivisions nearby and will also cater to the local and international tourists visiting and enjoying the scenic beauty of the historic colonial plantation of Villa Escudero Plantations and Resort,” CMCCI said in a disclosure to the stock exchange.
The CityMall in Tiaong is the 12th site secured by CMCCI. 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.
DoubleDragon, the property firm of Mang Inasal founder Edgar “Injap” Sia II and Jollibee Foods owner Tony Tan Caktiong, is targeting to complete and operate 25 CityMalls by the end of 2015 and 100 CityMalls by 2020.