DoubleDragon Properties Corp or DD plans to open five city malls this year and 20 more the following year, targeting 100 City Mall by 2020. Each mall will have an average 7,000sqm of GLA for a total of 700,000sqm by 2020.
The first site of City Mall will be in Arnaldo Boulevard, Roxas City with total floor area of 7,034sqm. DD focus its expansion in Visayas and Mindanao regions and Cagayan de Oro is among the cities to be evaluated as prospective sites.
"CityMall Commercial Centers will be the new player in commercial retail space and potentially the largest branded community mall chain in the Philippines."
CityMall is owned by Double Dragon for 66percent and the remaining 34percent was owned by SMIC.
