Vista Land & Lifescapes Inc., the property unit of the Villar Group, said it will nearly triple its mall portfolio to 60 by the end of 2020 from the current 22 as part of a plan to boost recurring income.
Vista Land said in a statement mall subsidiary Starmalls would construct 38 new shopping malls over the next three year across the country
“We remain bullish with the expansion plans of our leasing business through our subsidiary, Starmalls Inc., to add 38 more malls in the next three years,” Vista Land chairman Manuel Villar Jr. said.
“We remain optimistic for the industry, given the strong demand for our commercial spaces and housing products, propelled by the stable growth in the disposable income, remittances and sound Philippine macroeconomic fundamentals,” he added.
Vista Land said it budgeted P50 billion in capital expenditures this year, with a significant portion earmarked for the constriction of new malls.
Vista Land aims to hit 1.4 million square meters of gross floor area by the end of 2018 from the leasing business, an upgrade from its initial target of 1.3 million sq. m.
Vista Land is also rolling out office, hospitals, and hotel projects to boost recurring income.
The move to expand into the leasing business will provide stability to the existing core residential business.
Meanwhile, Vista Land president and chief executive Manuel Paolo Villar expects 2018 to be another banner year for the company.
“Our company is poised to have another banner year for 2018 as our additional leasable spaces are now contributing significantly to our current financial results in addition to the sustained double digit growth in our residential business. We are looking at a double digit 10-15 percent consolidated net income growth this year,” the younger Villar said.
Vista Land has an established presence in about 133 cities and municipalities across 46 provinces. It plans to focus on the development of Communicities, an integrated urban development combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.
