Mass housing developer 8990 taps Walter Mart for mall ops
MANILA, Philippines – Mass housing developer 8990 Holdings Incorporated has tapped the Waltermart Group of Companies as mall operator for two of its mixed-used developments in Metro Manila.
8990 Holdings Chief Executive Officer Januario Jesus Atencio said in a statement to the stock exchange Thursday, April 23, that the company entered into a joint venture agreement with Waltermart to operate malls in its Ortigas Avenue Extension and Vitas, Tondo, properties.
8990 earlier said it has plans to develop “integrated malls” within its horizontal and vertical housing developments.
The property firm’s plan to venture into mall development is aimed to provide the company with stable recurring income that would complement its residential sales.
The “integrated mall” concept will be undertaken by the group’s main subsidiary, 8990 Housing Development Corporation, under its brand name Urban DECA Homes.
Walter Mart is a 50-50 joint venture partnership between the Lim family and Sy-led SM Prime Holdings Incorporated.
Walter Mart, formerly Shopping Centers, is the first community shopping center format in southern Luzon. Its tenants are Walter Mart Supermarket, Abenson Appliances, Homeplus Furniture, Electroworld, and SB Furnitures.