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DoubleDragon bullish on hitting 100 CityMalls target by 2020
« on: December 18, 2016, 06:31:07 PM »
DoubleDragon bullish on hitting 100 CityMalls target by 2020
By Leslie D. Venzon

MANILA, Dec. 18 (PNA) -- Listed DoubleDragon Properties Corp. is looking to pursue another fundraising activity next year to fund expansion projects, optimistic of hitting its target to build 100 CityMalls by 2020.

“If it is positive, the economy will be very good and the demand will be strong, we will be preparing for the next tranche… If the bond market will be good, then we’ll just use up the remaining shelf registration,” DoubleDragon Chairman Edgar “Injap” Sia II told reporters.

Sia said the firm was operating 10 CityMalls, and two more in Divisoria and Binan, Laguna.

He noted 54 new sites have been secured, 29 of which are being built and the rest are on the planning preparations stage.

Sia hopes that 50 malls will be completed by 2017.

“Two years from now, all the hundred sites of Luzon, Visayas and Mindanao will have been secured,” he said.

Meanwhile, the Php5.3 billion worth of 10-year fixed rate retail bonds DoubleDragon raised last week marked the first tranche of its three-year retail bond shelf registration approved by the Securities and Exchange Commission (SEC) with an aggregate amount of Php15 billion.

The firm expected the amount to fully cover the capital expenditures (capex) requirements to complete its 2020 goal of developing one million square meters of leasable space.

“If we will raise more funds after that (Php15-billion shelf offering), it is no longer connected to the 2020 goal. We will pace it based on the market reception,” Sia added.

DoubleDragon is a property firm jointly owned by Jollibee Foods Corp. chairman Tony Tan Caktiong and business partner Edgar “Injap” Sia II. (PNA)

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