DoubleDragon Corporation, a prominent mall developer and landlord, has reached a significant milestone with the opening of CityMall-Surigao in Surigao City, Surigao del Norte. This latest addition to their portfolio marks their 45th operational mall nationwide, solidifying their position as the No. 4 largest mall developer and landlord in terms of the number of operational malls, particularly in the community mall segment. DoubleDragon holds the No. 1 spot as the largest community mall developer and landlord in the Philippines.
CityMall-Surigao covers a total Gross Floor Area (GFA) of 8,608 square meters, situated on a prime commercial land measuring 1.05 hectares. The land was acquired by DoubleDragon back in 2015 and is part of a series of over 100 prime lands spread across Luzon, Visayas, and Mindanao, purchased mostly from 2014 to 2016 when land prices were significantly lower.
The mall features a diverse locator and tenant mix, including popular brands such as MerryMart Grocery, Jollibee, Chowking, Mang Inasal, Greenwich, Highlands Coffee, MerryMart Pharmacy powered by Carlos Superdrug, ALLWin Department Store, Fun Nation, and many more.
With CityMall-Surigao’s opening, three more CityMalls are set to be completed in the fourth quarter of 2023: CityMall-Bay Laguna, CityMall-Palo Leyte, and CityMall-Antique. Additionally, four more CityMalls are scheduled to open in 2024: CityMall-Gen Trias Cavite, CityMall-Guiwan Zamboanga, CityMall-Ormoc, and CityMall-Ozamiz. These expansions will increase DoubleDragon’s operational mall portfolio to 52 by the end of 2024.
DoubleDragon has demonstrated an impressive track record in the construction and opening of its 45-mall network. All of its malls are operational as of July 28, 2023, having been constructed and opened within just 8 years since the first CityMall in 2015. This achievement includes overcoming the challenges posed by the Covid-19 pandemic.
Currently, CityMalls are undergoing refresh makeovers to reach maturity levels and achieve optimal above-industry rental yields by 2025. The occupancy level of CityMalls has been steadily increasing post-Covid-19 pandemic, and it is expected to reach 100% by the end of 2024 due to the continued transition from traditional retail to modern retail in rural areas.
Edgar “Injap” Sia II, Chairman of DoubleDragon, expressed gratitude for the strategic acquisition of prime commercial properties early on, leading to exponential value appreciation. He likened the building structures for the recurring revenue business to fruit-bearing trees, where buildings are like the tree, and the recurring income they generate is like the fruits that keep coming for many decades. As the properties continue to generate revenue, their value also increases over time.
