MASS housing developer 8990 Holdings Inc. said Wednesday it is no longer partnering with Waltermart to operate malls to be developed in its properties in Tondo, Manila and on Ortigas Avenue Extension.
In a disclosure to the Philippine Stock Exchange, 8990 said Waltermart has backed out of the mall operation partnership, but did not give more details.
“For the information of the public, Waltermart has rescinded its partnership with 8990 to be the operator in the malls to be built in 8990’s projects located at Vitas, Tondo and at Ortigas Avenue Extension,” said 8990, mentioning that the message came from its Chief Executive Officer Januario Jesus Atencio.
Waltermart is a joint venture between the original owners—the family of retail entrepreneur Wilson Lim of appliance stores Abenson and Electroworld—and the SM Group, the Philippines biggest retail firm owned mainly by the country’s richest man, Henry Sy.
8990’s mall-project in Ortigas will be within a 13-hectare land, with a gross floor area of 45,000 square meters for its retail component.
The one in Vitas will sit on an 8.4-hectare land, to open 35,000 square meters of retail space.
In an interview with reporters on Tuesday, Atencio nonetheless expressed optimism that it could push through with the projects even without Walmart.
“This may be providential because it opens the opportunity for 8990 itself to go into mall operations,” Atencio said.
Atencio said 8990 is open to accepting a new partner in its planned mall operations, aimed at augmenting the firm’s recurring income from its main housing business.