MANILA — Vista Land & Lifescapes, Inc. is ramping up its expansion with a target to triple its shopping mall portfolio in the next three years, as it rides on the country’s sound macroeconomic fundamentals.
The property developer targets to have 60 malls by end of 2020 from the current 22 malls in its portfolio.
“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 Filipinos) remittances and sound Philippine macroeconomic fundamentals,” said Vista Land Chairman Manuel B. Villar, Jr. in a statement.
Villar remains bullish on expansion plans of its leasing business through subsidiary Starmalls, Inc. to add 38 more malls in the next three years.
Vista Land President and Chief Executive Officer Manuel Paolo Villar said they were looking at a double-digit 10 to 15 percent consolidated net income growth this 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,” he said.
Vista Land has earmarked PHP50 billion for consolidated capital expenditures for 2018, a significant portion of which is allotted to the construction of malls to hit 1.4 million gross floor area (GFA) by end of this year.
The company has an established presence in about 133 cities and municipalities across 46 provinces and intends to focus on the development of “Communicities”, or integrated urban developments combining lifestyle retail, prime office space, university town, healthcare, themed residential developments, and leisure components.