MANILA, May 11 (PNA) — Listed property developer DoubleDragon Properties Corp. (DoubleDragon) has raised PhP5 billion from the issuance of corporate notes to finance its mall projects.
In a disclosure to the Philippine Stock Exchange, DoubleDragon said the issuance of seven-year corporate notes at fixed interest rates signified strong confidence in the company’s strategic direction.
“This will add momentum to the company’s targeted rollout of 100 CityMalls by 2020… CityMall is poised to become the largest independent chain of community malls in the country,” it said.
By June 2015, DoubleDragon expects to have 25 CityMalls in different stages of completion, majority of which are already under construction to date.
DoubleDragon Chairman Edgar ‘Injap’ Sia II said the company has already secured more than half of the land required to develop its targeted one million square meters of total leasable space within the next five years.
“Only a little over a year since its initial public offering in the Philippine Stock Exchange, the company has been able to consolidate a string of prime commercial properties across the country totaling to about 35.2 hectares,” Sia said. (PNA)