Amid its continuing aggressive expansion, Starmalls Inc., the mall and office leasing unit of the Villar Group of Companies, has started to roll out high-end malls with the first one to open in Taguig.
Starmalls is a chain of malls listed on the Philippine Stock Exchange.
In a formal launch held recently, Starmalls introduced its “Prima brand,” which will be an upscale mall development, compared with its community malls under the “Strips brand.”
Former senator and businessman Manny Villar told reporters that the demand for upscale malls is quite strong and since they want to cater to every market, they came up with the decision to build a high-end mall.
He explained that Starmall Prima malls are designed like the grand malls in the US and Europe with a selection of key big box or anchor stores in strategic areas of the mall.
When completed, Starmall Prima in Taguig will be the first Prima in the country and will have a gross floor area of about 55,000 square meters. Starmall has just completed phase one of Prima and is laying the groundwork for phase two.
Starmall is also targeting to complete phase one of two other malls under the Prima brand located in Santa Rosa, Laguna and Molino, Cavite, within this year.
The mall developer is also mulling over a plan to build a Prima mall on its 2.3-hectare property in EDSA, which is seen to compete with other mall developments in the area.
“Eventually, we will build a mall there. It will be a prime development. It has to be the flagship development of the company,” Villar said.
Among the stores included in Prima malls is All Home center, the home building, furnishing and improvement store brand of the Villar Group of companies.
Launched in August of 2013, All Home is a one-stop shop for all the home needs of a homeowner, builder or contractor.
Last year, Starmalls signed a P2.7-billion loan agreement payable in seven years with Rizal Commercial Banking Corp. (RCBC).
Starmalls started its five-year expansion scheme in 2012 when it announced it will allocate P15-billion worth of investment in the next five years to build malls nationwide, particularly in the Visayas and Mindanao.