Villar's Starmalls gets P2.7-B loan for mall expansion
MANILA, Philippines - Starmalls Inc., the mall and office leasing unit of the Villar Group of Companies, has inked a P2.7 billion loan agreement with Rizal Commercial Banking Corp. to finance its expansion program.
Starmalls last year announced a P15-billion mall expansion program for the next five years, particularly in Visayas and Mindanao.
The company is now building several new malls in Cebu, Davao, Sta. Rosa in Laguna, Daang Hari in Cavite and Taguig City. It is also construction a BPO building along EDSA in Mandaluyong. All of these projects are expected to open in 2014.
Starmalls said it will construct more malls next year. These malls will be located in Iloilo, Cagayan de Oro, Davao Oriental and Malolos, Bulacan.
Starmalls’ expansion program also includes the construction of office buildings. A new office building is being constructed at the corner of EDSA and Shaw Boulevard.