A Philippines property developer has raised US$112 million to assist fund the formidable improvement plan for 100 purchasing malls throughout the nation.
DoubleDragon Properties Corp plans to roll out the 100 CityMalls-branded centres by 2020 – the primary 25 by the top of this yr.
The compact group malls will comprise between 5000 and 10,000 sqm of leasable area every, with the corporate projecting it’s going to have 1 million sqm of leasable area by 2020.
DoubleDragon chief info officer Joselito Barerra Jr stated successfuly elevating the money – in seven yr company notes – demonstrates robust investor confidence in technique.
The publicly listed property firm is collectively owned by the founding father of quick meals big Jollibee Meals, Tony Tan Caktiong, and restaurateur Edga Sia Jr. Unsurprisingly, the department stores will prominently function Jollibee eating places.