Starmalls Inc., the mall and office leasing unit of the Villar Group of Companies, is borrowing P2.7 billion to bankroll its expansion program.
In a statement, Starmalls said it has just signed a loan agreement with Rizal Commercial Banking Corp. (RCBC).
The loan is payable in seven years.
Starmalls last year announced its P15-billion program to expand its mall chain nationwide within the next five years, particularly in the Visayas and Mindanao.
The company is building three new malls and one BPO (business process outsourcing) building, which are expected to open in 2014.
The BPO building is located on EDSA in Mandaluyong City while the malls are in Cebu, Davao, Sta. Rosa in Laguna, Daang Hari in Cavite and Taguig City in Metro Manila.
Construction of the next batch of malls in Iloilo Visayas, Cagayan de Oro City, Davao Oriental and Malolos City will begin next year.
Starmalls has five malls in Las Pinas City, Alabang, Mandaluyong, and San Jose del Monte in Bulacan.
MADELAINE B. MIRAFLOR