Tuesday , June 19, 2018

Vista Land targets 60 malls by 2020

VISTA Land & Lifescapes Inc. 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 1.4 million gross floor area (GFA) by the end of this year, revised from the previous target of 1.3 million. (PR)