Starmalls, Inc., the listed commercial arm of Vista Land & Lifescapes, Inc., reported a net income growth of 34% to P1.5 billion for the first 9-months of 2017 and sustained double digit growth for its results of operations. Revenues were at P4.1 billion or a 29% increase from same period last year. EBITDA during the period grew 40% from the same period last year to P2.95 billion. 

“We remain bullish on the retail industry’s outlook for the rest of the year, as we see continued growth in the disposable income of Filipinos due to sound Philippine macroeconomic fundamentals, sustained overseas Filipino remittance growth and the BPO sector contribution,” said Chairman Manuel B. Villar, Jr. “In addition, we are now taking advantage of the synergies that have developed as a result of our integration into Vista Land. One of which is the creation of niche markets as we are putting up malls within or near our existing residential developments, thus taking advantage of the natural catchment area within those lived-in communities,” he added. 

The Company’s total consolidated assets amounted to P43.7 billion. Capital expenditures for the 2017 are set at P9.0 billion. 

As of September 30, 2017, Starmalls including Vista Land had over 1 million square meters (sqm) of gross floor area (GFA) in its commercial assets portfolio and is still continuing to expand its leasable space targeting to reach 1.3M sqm of GFA by end 2018. According to Benjamarie Therese Serrano, President of the Company, they are ramping up Starmalls’ expansion program and will deliver additional leasable space in the coming years as they develop their existing commercial land bank and will also be looking at Vista Land’s over 600 hectares of land across the country that are suitable for commercial development. “The Company’s growth rate was robust as our expansion programs are already contributing to our financial performance in addition to the increased rental revenues from our existing malls brought about by favorable rental reversions and increased occupancy. We are poised to have another banner year this 2017 given our 9M2017 financial performance,” Serrano 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 underserved by similar retail malls and within close proximity to transport hubs, key infrastructure and the existing Vista Land communities. It also develops and operates business process outsourcing commercial centers.