Listed developer Starmalls Inc., owned by the family of former senator Manny Villar, is set to start the construction of five new malls within the year and another five malls in 2014, bringing the number of new Starmalls to rise in the country in the near term by 10.
“For Starmalls, the construction has started for five new malls and we’re going to open the first one in the first quarter of next year. We will start constructing another five malls next year,” Starmalls Chairman Manny Villar said on Thursday.
Villar specified that the first five malls will be located in Cebu, Davao, Taguig, Daanghari and Santa Rosa.
To fund the development of these malls, Villar said that they may tap borrowing since the company only has minimal debt.
Meanwhile, Starmalls is also looking to expand its business process outsourcing (BPO) offices.
“We are also aggressive in BPO pero wala pa masyado [but there’s not much of it in our pipeline yet],” Villar said.
“We’re putting up a new building along Edsa, it will be completed early next year and we will start another building before the end of the year, also BPO. Both are around the area,” he further specified.
Starmalls already has seven malls and in 2012, the company has embarked on a P15-billion five-year expansion plans, involving the establishment of new malls in Visayas and Mindanao.
It was also previously reported that Land and House of Thailand, the business partner of Villar family in Starmalls, has plans to increase its stake in the listed privately held mall operator.