MANILA, Philippines—Grocery chain Puregold Price Club Inc. is set to open by year’s end a new supermarket in The Lakefront property of Vista Land & Lifescapes Inc. in Sucat, Parañaque City.
This is seen as an opening salvo to more retail property deals between the groups of businessman Lucio Co and Senator Manny Villar.
Villar-led Vista Land announced on Saturday the signing of a 10-year lease agreement with Puregold covering an area of 2,350 square meters at the 60-hectare The Lakefront, which boasts of a commercial hub called The Wharf hosting restaurants, convenience stores, spa and beauty salon, a bank and some offices.
This is part of a previously announced plan by Vista Land, whose core business is selling residential property, to likewise generate recurring earnings by developing a substantial leasing portfolio.
“Vista Land and Puregold are currently exploring the possibility of signing similar lease agreements in other key projects under development by Vista Land such as Evia in Las Piñas, Cavite and Sta. Elena in Sta. Rosa, Laguna,” the Vista Land statement said.
“We appreciate the confidence and support shown by Puregold in choosing to partner with Vista Land and become a key locator at The Lakefront,” said Vista Land chief executive officer Benjamarie Therese Serrano. “We are looking forward to building a mutually beneficial relationship with Puregold through this and other commercial transactions in the future.”
“Our supermarket at the Lakefront should be open for business by the fourth quarter of 2011,” said Puregold president Leonardo Dayao. “Puregold is pleased to have forged this agreement with Vista Land and we expect to further strengthen our business relationship by setting up stores in other key developments of Vista Land in the coming years.”
Vista Land has completed several subdivision developments and buildings at The Lakefront over the past few years.
These include San Francisco-inspired subdivisions La Posada and Marina Heights and the mid-rise buildings Presidio and Marfori. The company recently announced the launching of mid-rise projects in the area.
Puregold, owned and operated by the family of Co, has a network of about 70 stores, which would be built up to 100 by year’s end. It also plans to debut on the Philippine Stock Exchange and sell as much as P11.2 billion worth of shares to the public.
For more details on Vista Land projects, you may contact Reby Ramirez @ +63 919.699.3572 / +63 922.883.9308 / +63 916.4044.555 / +632 404-4534 or e-mail her @ reby_ramirez@yahoo.com.
Lastly, FYI for related information on the new real estate law, RA 9646, please proceed to www.RA9646.com, the online repository of updated information on Real Estate Service Act of 2009 (RESA).
source: Philippine Daily Inquirer, Apr 10, 2011
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