CityMalls to House MyHealth Clinics Across the Philippines

The strategic partnership signed today October 16, 2018 will enable MyHealth clinics to roll out multi-specialty medical clinics in CityMalls. The first batch of clinics are intended to be built during the next 12 months in 12 CityMall locations across Luzon (4), Visayas (4) and Mindanao (4) with the ultimate goal of having MyHealth clinics in the string of CityMalls nationwide. CityMall Commercial Centers Inc. is a subsidiary of DoubleDragon Properties Corp. (PSE: DD).

MyHealth Clinic is one of the country’s largest network of full-service ambulatory clinics offering extensive and comprehensive outpatient healthcare products and services. Believing that quality healthcare should also be accessible, MyHealth clinics integrate the entire spectrum of medical services that patients need to take better care of their health.

The MyHealth network is among the first to fully utilize digital technologies in patient care and Telemedicine which enables access to highly specialized healthcare providers, from consultations to diagnosis remotely. MyHealth has a portfolio of almost 500 medical specialists all over the country interfacing with each other exchanging information and knowledge which clinic customers can benefit from.

MyHealth Clinic is a member of the Equicom Group and an affiliate of Maxicare Healthcare Corporation, the largest HMO in the Philippines.

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

“The whole DoubleDragon team is determined to make CityMall soon be the new center of gravity of every provincial community in the Philippine countryside,” added DoubleDragon Chairman Edgar Injap Sia II.

“In addition to the project growth of DoubleDragon, the company is also fortunate to have fixed the interest rates of all its Corporate Notes and Retail Bonds issued for the entire length of their 7–10 year terms. The interest rates was set based on 7-10 YR PDST-R2 when it was still low in 2014–2017, and the rate formula was determined using that benchmark and set only once during the respective drawdowns back then, and will have the same fixed rate and has no resetting throughout its tenor with key maturities in 2021, 2022, 2023, 2024 and 2026 yet,” said DoubleDragon Chief Investment Officer Hannah Yulo.

“Since the earliest key maturity of the company’s corporate notes raised is still 3 years from now on October 2021, by then the annual cashflows from DoubleDragon’s portfolio of 1.2 million square meters (120 hectares) of leasable space should be more than sufficient to cover the principal due, plus the value of the underlying hard assets across the country would have already significantly appreciated,” added Yulo.

The company targets to complete a leasable portfolio of 1.2 Million square meters by 2020 comprising of 700,000 square meters from 100 CityMalls, 300,000 square meters from its Metro Manila office projects DD Meridian Park and Jollibee Tower, 100,000 square meters
from the planned 5,000 hotel rooms of Hotel101 and JinJiang Inn Philippines, and another 100,000 square meters of industrial space from various CentralHub sites across Luzon, Visayas and Mindanao.

DoubleDragon’s four pillars of growth continues to strengthen in provincial retail leasing, office leasing, industrial leasing and hospitality which will provide the company with a diversified source of recurring revenues backed by a string of appreciating hard assets.