Double Dragon to build a mall in Kalibo

CityMall Commercial Centers Inc. (CMCCI), a subsidiary of listed property firm DoubleDragon Properties Corp., is putting up a community mall in Kalibo, Aklan.

CityMall is joint venture between DoubleDragon Properties Inc. and SM Investments Corp. CMCCI is 66 percent owned by DoubleDragon, while 34 percent is owned Sy family-led conglomerate SM Investments Corp.

In a statement, DoubleDragon said in a disclosure to the stock exchange CityMall secured a 1.1-hectare prime commercial lot along Mabini and Toting Reyes Streets in the heart of Kalibo, Aklan where the plan CityMall will rise.

The CityMall Kalibo will be a major gateway for tourists bound to Boracay Island as stated by CMCCI. DoubleDragon said that it will serve as a major tourism entryway for the inflow of tourists to Boracay Island. Kalibo was catalyzed by rapid economic expansion and municipal development that makes it ideal to put up a CityMall in the area.

CityMall early this month announced plans to build two more community malls, one in Cotabato City and another in Mabalacat, Pampanga.

DoubleDragon owns 66 percent of CityMall, while SM Investments Corp. of the family of retail tycoon Henry Sy holds 34 percent. DoubleDragon is a 50-50 joint venture company between Honeystar Holdings Corp. of Jollibee Foods Corp. chairman Tony Tan Caktiong.and Injap Investments Inc. of Edgar Sia II of Injap Investments Inc.

A registered nurse by profession, Michael is also a fresh IT graduate. He loves writing. As a matter of fact, he is a contributor to theblow.us, a sports website. As the editor-in-chief, Pabaon News will go the right path.