Rustan's signs up as anchor tenant in Vista Land's Las Pinas flagship project
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MANILA, Philippines - Rustan's has agreed to become the anchor commercial tenant in the flagship project of Senator Manuel Villar's property firm in his hometown of Las Pinas City.
In a statement, Vista Land & Lifescapes Inc. said it has signed a long-term lease with the Tantocos' Rustan Supercenters Inc.
“In addition to partnering with Rustan’s Supercenter, we are currently in discussions with several other major commercial operators who wish to set up shop in Evia,” Maria Leni Luya, Vista Land head of commercial operations, said.
Vista Land is building the commercial component of its 600-hectare Evia project after the residential component reached a "critical mass."
The company said it has developed 300 hectares in Evia, which offers the full spectrum of brands - from the high-end Brittany to the mid-market Crown Asia and affordable Camella.
The project is located along the Daan Hari Road, where an interconnecting road to South Luzon Expressway would be built under the government's public-private partnership scheme.
Vista Land earlier said it expects revenues from reservations to climb to P30 billion this year from the P24 billion target last year.
The company is setting aside P15 billion to launch 32 subdivision projects and eight condominiums.