Leading homegrown real estate firm Alsons Development and Investment Corporation (Alsons Dev) and CityMall Commercial Centers, Inc. (CMCCI) signed a Joint Venture Agreement (JVA) on September 20, 2016 for CMCCI to build a CityMall shopping complex in a 1.5-hectare area within the vicinity of Northtown, Alsons Dev’s 116-hectare residential township in Cabantian, Davao City.
The JVA comes just three months after the inauguration of the Alsons Public Safety Complex, an integrated public safety and rescue facility with fire, police and 911 stations, also located just outside Northtown.
“We have always envisioned Northtown to be a complete and self-sustaining township,” said Alsons Dev Vice President and General Manager Eric de la D. Costa of the real estate firm’s latest project under its Alsons Properties brand. “We are very excited to see this vision slowly coming to fruition and with no less than CityMall, one of the country’s fastest rising companies, as our partner.”
CMCCI, a joint venture between SM Investments Corp. (SMIC) and DoubleDragon Properties Corporation (DD), aims to establish CityMall as the country’s largest branded community mall chain and plans to build 100 malls by 2020. “We can clearly see the vision behind Northtown to soon become one of the most vibrant areas in Davao City,” said Edgar “Injap” Sia II, Chairman of DoubleDragon/CityMall. “And we believe that CityMall will be a great addition to the development of Northtown.”
The CityMall at Northtown will house top fast food brands such as Jollibee, Mang Inasal, Chowking, Greenwich, Red Ribbon, and Highlands Coffee, as well as top SM Group brands such as Savemore, Ace Hardware, Watson’s, SM Appliance, Simply Shoes, BDO, and Chinabank.
CityMall Northtown Davao is expected to be completed by last quarter of 2017.