2 mall projects to start in Iloilo City-A A +A
Thursday, June 19, 2014
THE first two of the five mall projects of Double Dragon Properties Corp. will start in Iloilo City within this year.
The first site is located beside a transport terminal, the 1.19-hectare Pavia site situated at the corner of a national highway linking the Iloilo downtown area and Iloilo International Airport in Cabatuan, Iloilo.
The second site is the 0.8-hectare lot located across the Tagbak transport terminal in Jaro district.
The five city malls will have a combined P1.4 billion investments at P275 million each, said Edgar Sia II, president and chief executive officer of Double Dragon, during a business summit last March in Makati City.
Double Dragon said City Mall Commercial Centers Inc. (CMCCI) recently inked a 26-year lease agreement with Iloilo Commercial Development Corp. (ICDC) owned by the Iloilo-based Que family covering two properties in Ungka, Pavia near the city boundary and in Tagbak, Jaro.
Mayor Jed Patrick Mabilog said he welcomes the new development as the city races to become a premier by 2015 and regains its post as a premier investment hub of the Visayas.
Double Dragon is building a hundred community malls under the brand City Malls, mostly in the Visayas and Mindanao areas.