MANILA, Philippines – Vista Land & Lifescapes Inc., the leading property developer of the Villar family, is pouring in P18 billion from 2017 to 2018 to build 10 more malls as it continues to expand its recurring income base.
In an interview on Friday, Vista Land founder and chairman Manuel B. Villar said the latest expansion would boost the company’s total gross floor area (GFA) to 1.3 million square meters (sqm) from just 910,000 sqm at present.
“We will start building in January,” he said.
He said the target is to complete the malls before Christmas next year, while others would be finished by 2018.
All the malls will have anchor establishments such as AllHome, AllDay Supermarket, AllToys, The Coffee Project and AllShop department store.
Villar said the plan is to build seven Vista Malls or the regular mall with a size of 30,000 sqm, and three Vista Places or the smaller version with a size of roughly 15,000 sqm.
Vista Land will build The Vista Place in Malolos, Bulacan; Kawit, Cavite; and Cagayan de Oro City, while the new Vista Malls will be in Iloilo City, Davao City, Dasmariñas in Cavite, two in Bacoor, and two in Las Piñas (Molino in Daanghari and the expansion of Evia City located at the opposite end of Daanghari).
“We came in at a time when consumers have higher spending power and the market standard for malls is levelling up. Thus our malls are designed to be much nicer than what others have right now,” said Villar.
He said the company wants to bring the malls closer to customers’ homes so they do not have to travel far and could avoid heavy traffic.
“But our malls are complete with dining and shopping options as well as state-of-the-art cinemas,” he said.
In terms of the number of dining and shopping options, Vista Land makes sure there are just enough options for customers so they are not flooded with choices.
While all these plans are taking shape, Vista Land is now ramping up the expansion of the company’s flagship mall in Evia City in Las Pinas, which opened just this year and now fully leased out with a waiting list of tenants.
The company is building the lifestyle mall in phases with the second phase to include a hotel.
“We are simultaneously building Phase 2 and 3 of the mall. This will bring total GFA to 120,000 sqm from the current 38,000 sqm. This will be built within the five hectares we have allotted for the mall,” Villar said.
He said Phase 2 would be about 50,000 sqm and cost P2 billion, while the third phase would be close to 40,000 sqm at a cost of P1.6 billion.
“This will be completed within two years,” he said.
Source: By Iris Gonzales(The Philippine Star) |
In an interview on Friday, Vista Land founder and chairman Manuel B. Villar said the latest expansion would boost the company’s total gross floor area (GFA) to 1.3 million square meters (sqm) from just 910,000 sqm at present.
“We will start building in January,” he said.
He said the target is to complete the malls before Christmas next year, while others would be finished by 2018.
All the malls will have anchor establishments such as AllHome, AllDay Supermarket, AllToys, The Coffee Project and AllShop department store.
Villar said the plan is to build seven Vista Malls or the regular mall with a size of 30,000 sqm, and three Vista Places or the smaller version with a size of roughly 15,000 sqm.
Vista Land will build The Vista Place in Malolos, Bulacan; Kawit, Cavite; and Cagayan de Oro City, while the new Vista Malls will be in Iloilo City, Davao City, Dasmariñas in Cavite, two in Bacoor, and two in Las Piñas (Molino in Daanghari and the expansion of Evia City located at the opposite end of Daanghari).
“We came in at a time when consumers have higher spending power and the market standard for malls is levelling up. Thus our malls are designed to be much nicer than what others have right now,” said Villar.
He said the company wants to bring the malls closer to customers’ homes so they do not have to travel far and could avoid heavy traffic.
“But our malls are complete with dining and shopping options as well as state-of-the-art cinemas,” he said.
In terms of the number of dining and shopping options, Vista Land makes sure there are just enough options for customers so they are not flooded with choices.
While all these plans are taking shape, Vista Land is now ramping up the expansion of the company’s flagship mall in Evia City in Las Pinas, which opened just this year and now fully leased out with a waiting list of tenants.
The company is building the lifestyle mall in phases with the second phase to include a hotel.
“We are simultaneously building Phase 2 and 3 of the mall. This will bring total GFA to 120,000 sqm from the current 38,000 sqm. This will be built within the five hectares we have allotted for the mall,” Villar said.
He said Phase 2 would be about 50,000 sqm and cost P2 billion, while the third phase would be close to 40,000 sqm at a cost of P1.6 billion.
“This will be completed within two years,” he said.
Source: By Iris Gonzales(The Philippine Star) |
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