DoubleDragon Properties Corp., said its mall-operations unit CityMall Commercial Centers, Inc., has signed a 30-year long-term lease agreement with Dunes and Eagle Land Development Corp. for a lot that will house the former’s community mall — CityMall — in Cebu.

The property is a commercial lot along N. Bacalso avenue, a national road that connects the northern and southern part of Cebu, DoubleDragon said.

“The property is in between an existing mall and the Cebu South Bus Terminal, and a few meters away from the soon-to-rise Cebu City Medical Hospital. The site location is also right across Librando Transit Terminal and is surrounded by several transport terminals, schools, residential communities and government offices,” DoubleDragon said.

“The site is within the vicinity of Colon in downtown Cebu area, a vibrant and highly-populated shopping and business district. The project will be the second CityMall to be built in Cebu,” it added.

DoubleDragon plans to put up a network of community malls with a maximum size of 5,000 square meters (Sqm) in Visayas and Mindanao, eyeing to be the largest branded community mall chain in the Philippines.

DoubleDragon plans to put up five CityMalls this year and another 20 next year.

Majority of its planned 1 million sqm leasable space will come from the CityMall portfolio.

CityMall is 66 percent owned by DoubleDragon Properties Corp., and 34 percent owned by SM Investments Corp.

“CityMall is poised to become a household brand and become the preferred “everyday mall”’ of the future.

– See more at: http://www.malaya.com.ph/business-news/business/doubledragon-signs-lease…