DoubleDragon now PH’s 4th biggest mall developer

MANILA – The publicly listed real estate venture of tycoons Edgar “Injap” Sia II and Tony Tan Caktiong cemented its place as one of the country’s biggest shopping mall developers with the opening of its 45th location in Surigao City in Northern Mindanao.

In a statement on Friday, DoubleDragon Corp. said the newly opened CityMall-Surigao has a total gross floor area of 8,600 square meters. It is located on a roughly one-hectare property beside the Surigao City Integrated Land Transport Terminal.

Sia, the chair and CEO of DoubleDragon, said the developer continuously expanded its footprint since the first CityMall was opened in 2015. This was a year after the builder went public on the Philippine Stock Exchange.

He added that much of their landbank was the result of an aggressive land acquisition spree when prices were “still low.”

“Today, we have seen exponential value appreciation across the string of prime commercial properties which our … team is thankful to have acquired,” Sia said.

DoubleDragon said it was now the country’s 4th biggest mall developer and No. 1 in the community mall category. Its CityMalls currently have a combined gross floor area of nearly 1.3 million square meters, the company added.

For the rest of the year, DoubleDragon aims to complete three more community malls: CityMall-Bay Laguna, CityMall-Palo Leyte and CityMall-Antique.

Four more projects will be added next year. These are CityMall-Gen Trias Cavite, CityMall-Guiwan Zamboanga, CityMall-Ormoc and CityMall-Ozamiz. INQ

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The article was originally published in Inquirer and written by Miguel R. Camus.