DoubleDragon partners with Equicom for clinics at CityMalls

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DOUBLEDRAGON Properties Corp. said it has partnered with the operator of MyHealth Clinics to open medical clinics in its community malls.

In a statement issued Tuesday, the listed property developer said its subsidiary CityMall Commercial Centers, Inc. (CMCCI) signed a strategic partnership with Equicom Group for the rollout of the latter’s multi-specialty medical clinics in CityMalls nationwide.

DoubleDragon said the first batch of clinics will be built in 12 CityMalls in the next 12 months, with four each in Luzon, Visayas, and Mindanao.

“These strong alliances further solidifies the relevance of CityMalls in the communities we serve,” DoubleDragon Chairman Edgar J. Sia II said in a statement.

“With the addition of state-of-the-art medical and dental clinics in CityMalls, we will now have the best modern retail brands, the strongest fastfood brands, the leading entertainment cinemas and the foremost medical clinic provider all in one roof,” he added.

MyHealth Clinic is under the Equicom Group and an affiliate of Maxicare Healthcare Corp., touted as the largest health maintenance organization in the country. It operates a network of full-service ambulatory clinics offering outpatient health care products and services.

The Equicom Group is led by businessman and banker Antonio L. Go, who was previously the chairman of Equitable PCI Bank. The bank was considered the third largest in the country in terms of assets until it was acquired by Sy-led BDO Unibank, Inc. in 2007.

CMCCI, the umbrella company for all CityMall projects, is 66% owned by DoubleDragon and 34% owned by SM Investments Corp.

The company is targeting to have 50 CityMalls by end of the year. This month, community malls opened in Iponan in Cagayan de Oro City and Sorsogon City in Bicol. It is set to open in Calapan City, Mindoro; and San Carlos City, Pangasinan next week, and in November, branches in Isulan, SOCCSKARGEN; Roxas Avenue, Capiz; Bulua, Cagayan de Oro City; and Cadiz City, Negros.

DoubleDragon aims to have 100 CityMalls covering 700,000 square meters (sq.m.) by 2020. The malls are mostly located in Tier 2 and 3 cities in the provinces, as the company seeks to position itself as the number one mall operator in those areas.

DoubleDragon’s net income surged 234% to P1.26 billion in the first six months of 2018, on the back of a 123% jump in consolidated revenues to P3.63 billion. Recurring revenues amounted to P1.41 billion during the period, 199% higher year-on-year.

Shares in DoubleDragon jumped 2.44% or 44 centavos to close at P18.46 each at the stock exchange on Tuesday. — ABF