8990 taps Walter Mart for integrated mall plans

Mass-housing developer 8990 Holdings Inc. has signed up the Walter Mart Group to operate malls in two of its mixed-used development projects in Metro Manila, 8990 Holdings Chief Executive Officer Januario Jesus Atencio said.

The company entered into a joint venture agreement with Walter Mart to operate malls in its Ortigas Avenue Extension and Vitas, Tondo, properties, Atencio said in a report to the bourse.

8990 earlier said it has plans to develop “integrated malls” within its horizontal and vertical housing developments.

The property firm is venturing into mall development 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 Corp., 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 Inc.

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.

To date, Walter Mart owns 19 community malls located in Batangas, Bulacan, Cavite, Laguna, Metro Manila, Nueva Ecija, and Pampanga.