PROPERTY developer Vista Land & Lifescapes Inc. targets to triple the number of Starmalls by 2020.
In a statement to the Philippine Stock Exchange on Friday, February 9, the company said it aims to open 38 more Starmalls over the next three years. There are currently 22 Starmalls 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 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 (overseas Filipino) remittances and sound Philippine macroeconomic fundamentals,” he added.
For this year alone, the company has programmed P50 billion in capital expenditures to cover, among others, the construction of additional malls that will bring gross floor area to 1.4 million square meters by the end of the year.
“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 and CEO Manuel Paolo Villar said in the same statement.
Vista Land has operations in 133 cities and municipalities across 46 provinces.
Its flagship project is the development of Communicities, integrated urban developments with the following components: lifestyle retail, office space, university town, healthcare, themed residential developments and leisure. (MVI/SunStar Philippines)