DoubleDragon Properties Inc. said it expects to complete the construction of 50 Citymalls next year in line with the target to have 100 community malls by 2020.
DoubleDragon Properties chief executive Edgar Sia II said the company intended to have 50 completed Citymalls by next year, but the actual opening of these community malls would depend on the tenants.
DoubleDragon already secured 54 sites for the planned 100 Citymalls. The company now has 10 operational malls, while 29 are still under construction.
Sia said the company was also confident it would hit its P1-billion net income target for the year.
Meanwhile, Sia said the P15-billion bond shelf registration earlier approved by the Securities and Exchange Commission would be the last fund raising activity to be implemented by the company in line with the 2020 target.
Of the P15 billion, some P5.3 billion has been issued and raised.
Sia said depending on the market conditions next year, the company could start preparing for the next tranche next year.
“The shelf registration is good for three years. If the economy will be very good, the demand will be strong, then we may start preparing for the next tranche. The P15 billion approval is intended to be the last fund raising in relation to the 2020 target,” Sia said.
Aside from having 100 Citymalls by 2020, DoubleDragon also targets to have 1 million square meters of leasable space.
Sia said it signed with four foreign brokers to look for tenants for the first phase of the four-tower DoubleDragon Plaza in 4.8-hectare mixed-use development located in the Bay Area.
Phase one offers 130,000 sqm of leasable space.
