By Neil Jerome C. Morales (The
Philippine Star) | Updated November 19, 2013 - 12:00am
MANILA, Philippines - Vista Land &
Lifescapes Inc., the country’s largest homebuilder, is looking to partner with
top local and foreign mall developers to fasttrack the expansion of its own
shopping mall brand Vista Malls.
Vista Land will bank on its wide
network of residential communities as a captive market that will support
profitable mall operations, its top official said.
The property firm is in talks with big
local and foreign players in the shopping mall business for potential tie-ups,
said Vista Land chairman, former Senate President Manuel B. Villar Jr.
“Every year our knowledge of these
things are improving. Our confidence is going up every year and we have started
looking seriously at these proposals (for partnerships),” he said.
Villar said Vista Land plans to put up
50 Vista Malls in the next five to six years to improve the company’s recurring
income. It has four commercial centers so far.
He said Vista Malls is eyeing for a
strong partner that can help the growth of the company.
For its part, Vista Land will offer
locations for new shopping malls.
“Our strength is we have the communities.
I think we are the only one who can say that with the middle class (residents),
our communities have the purchasing power,” Villar said, adding that Vista
Land’s residential projects are spread nationwide.
In the past 38 years, the property
firm has completed more than 250,000 housing units in 31 provinces and 64
cities and municipalities around the country.
The property sector in general is
expected to witness more partnerships in the next few years in terms of malls,
retailing and real estate as a shortcut for expansion, Villar said.
However, the homebuilder is not in a
rush to close partnership deals, he said.
On its own, Vista Malls is ready to
expand its footprint next year as the company learns more from listed Starmalls
Inc., the mall and office leasing unit of the Villar family.
“We have a decent program, not too
aggressive,” Villar said, adding that new Vista Malls will be put up in areas
near Camella homes.
Specifically, the property firm will
put up the new phases of Vista Mall in Presidio in Sucat and Evia in Daang
Hari. It will also build a Vista Mall in San Fernando in Pampanga and in
Antipolo.
In January to September this year,
Vista Land’s profits hit P3.8 billion, up 17 percent from P3.2 billion a year
ago while real estate revenues picked up 22 percent to P14.8 billion from P12.2
billion on the back of robust residential takeup.
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