MANILA, Philippines - Vista Land and Lifescapes Inc. is looking to build 50 shopping malls in the next five years, according to company founder and Senator Manuel Villar.
Villar said the malls will be located near Vista Land's horizontal housing developments. Vista Land has already set aside a significant portion of their housing developments for future retail projects.
"Up to now, whenever we buy raw land , we leave a part for commercial development... We have 65 of these properties. We have to take advantage of this kasi sayang naman, so we came up with a program of 50 malls in 5 years," he said.
The malls may range from mini-malls with around 5,000 square meters to big malls with 50,000 square meters.
Villar said the malls are a profitable business, which will also enhance the marketability of the housing projects.
"Number one we think its profitable... Two, so far but more important, it heightens the marketability of the product. Iba ang may mall sa harap eh or shopping mall," he said.
This year, Vista Land is building malls in Las Pinas, Sucat Muntinlupa, Antipolo, San Fernando in Pampanga, as well as Cagayan de Oro and Cebu.
At the same time, Vista Land will continue to roll out house-and-lot projects around the country.
"We are eyeing to add 15 to 20 more cities. So by end of 2013 we would have covered the entire nation," the senator said.
Projects are being planned for cities such as Ozamis, Butuan, General Santos, and Pagadian.
Vista Land has raised, for the second time, its five-year corporate notes to P4.8 billion. The notes were originally set at P3 billion but were increased to P4.5 billion last April.
The company signed another agreement to raise the notes issue by another P300 million to P4.8 billion due to strong demand from institutional investors.
Proceeds will be used to partially refinance some of the company’s existing debt and general corporate purposes.
Vista Land is a holding company with five business units: Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences.