Vista Land & Lifescapes Inc. of the Villar Group plans to complete seven new malls over the next two years that will add 274,000 square meters of gross floor area to its leasing portfolio.
The property company, according to information included in its recently-concluded P10 billion bond offering, is scheduled to complete four new malls in 2019 with 174,000 sqm of GFA and another three malls in 2020 with 100,000 sqm of GFA.
Vista Land in 2019 will complete the 54,000 sqm Vistamall North Molino phase 1 in Bacoor, Cavite, the 35,000 sqm Vistamall Mintal phase 1 in Davao City, the 40,000 sqm Vistamall Dasmariñas in Cavite and the 45,000 sqm Vistamall Sta. Maria in Bulacan.
Vista Land in 2020 expects to complete the 40,000 sqm Vistamall Santiago, in Isabela province, the 40,000 sqm Vistamall Cabanatuan in Nueva Ecija and the 20,000 sqm Vistamall Butuan in Butuan City.
Construction of these new malls will be be funded through the P10 billion worth of fresh capital that Vista Land raised in December from the bond offering.
Vista Land as of end September 2018 ahd 1.16 million sqm of GFA comprising of 26 malls, seven office buildings and 50 commercial centres located across the country.
Vista Land in the first nine months of 2018 opened four malls, namely Vistamall Iloilo, Vistamall Naga, Vistamall Cagayan de Oro and Vistamall General Trias.
The group had planned to end 2018 with 1.4 million sqm of GFA from the leasing business, an upgrade from the initial target of 1.3 million sqm.
By 2020, Vista Land plans to operate 60 malls that are expected to generate a steady stream of leasing revenues for the company.
Vista Land reported that leasing income increased in the first nine months of 2018 increased 19 percent to P5.2 billion from P4.3 billion year-on-year.
Vista Land also plans to roll out several office, hospitals and hotel projects to further boost the leasing business.
Vista Land has established presence in about 133 cities and municipalities across 46 provinces. It plans to focus on the development of integrated urban development combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.