By:Jenniffer B. Austria
Manila Standard Today

Starmalls Inc., the shopping center development unit of former Senate president Manuel Villar, is studying the possibility of conducting a follow-on offering in 2016 to partially fund a P26-billion expansion over the next three years.

"We haven’t discussed the details yet but we’re really preparing for an offering for Starmalls next year to fund our expansion. So we will be raising some cash," Villar, who is Starmall chairman, said in an interview.

Starmalls under a planned expansion will open three new branches this year in Taguig, Bataan, and Sta Rosa. Starmalls plans to build an average of five malls a year over the next two years.

A typical investment for shopping mall with gross leasable space of 60,000 square meters is between P1.5 billion and P2 billion.

Included in Starmalls expansion plans is the establishment of shopping centers in Visayas and Mindanao, especially in Cebu, Iloilo Davao and Cagayan de Oro cities.