Vista Land tripling mall network to 60

Vista Land & Lifescapes Inc. plans to nearly triple its current mall network to 60 by 2020 as it looks to capitalize on Filipinos’ growing disposable income.

Vista Land chairman Manuel Villar Jr. said the company is putting up 38 new malls in the next three years to add to its existing 22 malls.

“We remain bullish with the expansion plans of our leasing business through our subsidiary, Starmalls Inc. 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, OFW remittances, and sound Philippine macroeconomic fundamentals,” Villar said.

Vista Land’s consolidated capital expenditure budget for this year is set at P50 billion, a significant portion of which is allotted for the construction of malls.

The company expects the gross floor area of its mall network to hit 1.4 million square meters by yearend, slightly higher from the previous target of 1.3 million.

“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 to15 percent consolidated net income growth this year,” Vista Land president and CEO Manuel Paolo Villar said.

Vista Land 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 development combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.