Listed Starmalls Inc., the mall and office leasing unit of the Villar Group of Companies, has tapped a P2.7-billion loan to bankroll its expansion program.
In a statement, Starmalls said that it has just signed a P2.7-billion loan agreement payable in seven years with Rizal Commercial Banking Corp. (RCBC).
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 currently building three new malls and one business process outsourcing (BPO) building, which are expected to open in 2014.
The BPO building is located along EDSA, Mandaluyong City, while the malls are located in Cebu in the Visayas, Davao in Mindanao, Santa Rosa in Laguna, Daang Hari in Cavite and Taguig City in Metro Manila.
Construction of the next batch of malls will begin next year, and will be located in Iloilo in the Visayas, Cagayan de Oro and Davao Oriental in Mindanao and Malolos in Bulacan.
Starmalls currently operates five malls in Las Piñas City, Alabang in Muntinlupa City and Mandaluyong City in Metro Manila and San Jose del Monte in Bulacan.