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Business

Villar to develop new CBD

Iris Gonzales - The Philippine Star
Villar to develop new CBD
Villar
STAR / File

MANILA, Philippines — Tycoon Manuel Villar, Jr., the country’s richest man, is looking to develop a sprawling business district in the southern part of Metro Manila.

Informally called the Villar City, the new central business district will be the new Makati, Villar said in a press conference late Friday.

“This will be the next Makati. It will be the new CBD of the south,” Villar said.

With a land area of 2,000 to 2,500 hectares, the envisioned mixed-use development borders and cuts across 11 cities including Parañaque, Las Piñas, Muntinlupa and Alabang.

“It’s adjacent to Alabang and at the center of several cities,” Villar said.

Villar said it would be his biggest project as a businessman, describing it as a “legacy project.”

The project would have commercial, residential, office and several other components, he said.

Villar said there is no timetable yet as he is still conceptualizing the masterplan for the development.

For now, the tycoon is focused on growing his different businesses, particularly his retail segments.

The Villar Group also plans to do a real estate investment trust (REIT) listing early next year for Vista Land & Lifescapes Inc.

“We will offer REIT next year,” he said.

The Villar Group is also looking to list its PAVI Green, which is into renewable energy.

Apart from this, the group is also looking to list AllGreen, which is a health, beauty and daily essentials.

Last month, the Villar Group listed AllDay Marts Inc., operator of AllDay Supermarkets, raising P4.52 billion, about four times oversubscribed from a sale of 7.52 billion shares at P0.60 per share.

JR. MANUEL VILLAR
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