Iloilo will soon be having two community malls in two of its bustling suburban areas - Ungka in Pavia and Tagbac in Jaro. These two areas are synonymous with the transport hubs located therein. Ungka Terminal serves West and Central Iloilo towns and its along the highway going to the Iloilo International Airport while Tagbak Terminal is the gateway to the northern towns including Capiz and Aklan, where the popular Boracay Beach is just about 6 hours away.
MANILA, Philippines - CityMall Commercial Centers Inc (CMCCI), a company owned by the founders of Jollibee Foods Corp. and Mang Inasal and Henry Sy's SM Investments, is planning to build two CityMalls in Iloilo.In a disclosure to the stock exchange, DoubleDragon Properties said its subsidiary CMCCI has signed a long-term lease agreement with the Que family's Iloilo Commercial Development Corp. (ICDC) for two prime lots in Iloilo.Two CityMall community malls will be built on the properties, which have been leased for 26 years."The Que family has been into the supermarket business for over 30 years in Iloilo. The Que family owns several properties for their expansion and were also planning to expand their own community malls but decided to work with CMCCI instead, recognizing the synergy that will be created by the partnership between DD and ICDC," Double Dragon said.
CityMall leased this corner lot in Ungka, Pavia for one of its first two community malls in Iloilo.
Photo as posted in SkyscraperCity Iloilo ForumCMCCI is 66 percent owned by DoubleDragon and 34 percent owned by SM Investments Corp.
The first lot, located in Ungka, Pavia, has an area of 11,918 square meters. It is right beside the Pavia People's Transport Terminal, and is at the corner of the national highway which links downtown Iloilo and the international airport.The second lot, which has an area of 8,000 square meters, is located in Tagbak, Jaro. It is situated across the Tagbak Bus Terminal, which is said to be the biggest transportation hub in Iloilo City.
Artist's Perspective of the CitiMall Foodcourt
The first CityMall is expected to open in Roxas City this year. There are plans to build community malls in Cebu and Zamboanga.DoubleDragon, which was founded by Jollibee's Tony Tan Caktiong and Mang Inasal's Edgar "Injap" Sia II, is also building the Dragon Shopping Center in Divisoria.DoubleDragon is targeting to open 100 CityMall community malls by 2020 and hit P1 billion net income by 2016 and P4.8 billion in net income by 2020.DoubleDragon made its debut at the Philippine Stock Exchange last April.