DoubleDragon Properties, SM Investments ink partnership
SM Investments corporation., DoubleDragon Properties corporation. and CityMall Commercial Centers Inc. signed an investment and shareholders agreement that permits SMIC to accumulate equity in CMCCI. below the agreement signed recently, SMIC can own 34 % of CMCCI and also the remaining 66 % are maintained by DoubleDragon.
The venture agreement was formally signed by Edgar "Injap" Sia II, DD chairman; Harley Sy, SMIC president; Tony Tan Caktiong, DD co-chairman; Ferdinand Sia, DD president; Jose Sio, SMIC EVP-CFO, and Rizza Marie Joy Sia, DD EVP-CFO.
DoubleDragon is a joint venture of Injap Investments opposition., headed by its chairman, Edgar "Injap" Sia II who is additionally the founding father of Mang Inasal Philippines, Inc., and Honeystar Holdings corporation., headed by its chairman, Tony Tan Caktiong additionally the founder and chairman of Jollibee Foods corporation.
SMIC is that the company of the SM cluster of companies based by Henry Sy, Sr. SM continues to be a number one and dynamic conglomerate within the Philippines with substantial interests in retail, banking and property development. SM steady evolved and progressed from its humble beginnings as a modest shop in 1958 to 1 of the most important and most well-known Philippine companies. it had been listed on the Philippine exchange in 2005, and has important interest in SM Prime Holdings, China Banking corporation and BDO Unibank.
CMCCI was recently incorporated as a completely owned subsidiary of DoubleDragon supposed to be the umbrella company for all CityMall Community Mall comes round the country.
CityMall is unreal to become one in all the most important branded freelance community mall chain within the Philippines with floor areas of roughly five,000 to 10,000 sqm. in every CityMall and can be settled in prime locations, principally in Visayas and Mindanao.
All CityMalls can usually have a similar theme, color and appearance, creating the mall style a complete in itself. The food space are a "food court" idea to enrich the present full-sized fast food stores close to CityMall.
The supermarket space and different retail areas won't solely offer prime retail areas to SM group brands like Savemore, Ace Hardware, Watsons, Home World, Kultura, Our Home, Sports Central, Surplus search, Toy Kingdom, SM Appliance, BDO and China Bank however additionally to different non-food retail brands.
CityMall are "greenergized." itll be equipped with star panels and rain water collection system to assist save Mother Earth and optimize potency.
The company recently completed the acquisition of a twelve,654 sqm industrial land in Arnaldo Blvd. Roxas town which is able to be the location of the primary CityMall community malls round the country and is anticipated to be completed by December 2014.
DoubleDragon additionally intends to complete 3 workplace towers within the next six years in several central business districts in railroad line Manila which is able to be hired dead set company and BPO tenants.
The company additionally intends to more expand in horizontal and vertical residential property developments and different property connected ventures.