Vista Land to have 60 malls by end of 2020; triples its current 22 malls.
Feb 08, 2018
Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers, targets to have 60 malls by end of 2020. Currently, the company and its subsidiaries have 22 malls in its portfolio.
“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 B. 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, OF remittances and sound Philippine macroeconomic fundamentals,” he added.
Consolidated capital expenditure budget for 2018 is set at P50 billion, a significant portion of which is allotted to the construction of malls to hit 1.4M Gross Floor Area (GFA) by end of this year, revised from the previous target of 1.3M.
“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% consolidated net income growth this year,” Vista Land President & CEO Manuel Paolo Villar said.
Vista Land has an established presence in about 133 cities and municipalities across 46 provinces and intends to focus on the development of Communicities, an integrated urban developments combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.
