(Source: Inside Retail Philippines | 17 August 2016)
Starmalls profit has soared 71 per cent to Php725 million in the first half of the year from Php424 million a year ago.
“We are positive with the retail industry’s outlook for the rest of the year, as we are well-positioned to benefit from the favorable Philippine demographic, economic and development trends including the rising GDP per capita, growing OF remittances and BPO sector contribution,” said Chairman Manny Villar.
The company’s integration into Vista Land will help boost retail rental rates and higher selling property prices, he said.
Starmalls Inc, the commercial arm of Vista Land & Lifescapes, currently has 14 retail malls and three BPO commercial centers in its portfolio with more than 731,000 sqm GFA and 46.9 hectares of commercial landbank suited to the development of mass-market retail malls and BPO facilities.
“We remain bullish about the prospects of our existing portfolio with significant room for further growth expected from them over the coming years and the company can also across the country suitable for commercial development,” said Starmalls president Jerry Navarette.
“We are ramping up our expansion program this year and the redevelopment of the existing malls is in the pipeline,” he added.
Starmalls is a major developer, owner and operator of retail malls that target mass market retail consumers in the Philippines and is an early mover in this market segment, focusing on locating in densely populated areas.