Villar’s Vista Land May Sell ₱15 Billion Worth of Malls — But a Much Bigger Bill Is Coming in 2027
MANILA, Philippines — One of the Villar property empire's most recognizable assets could become part of a multibillion-peso cash-raising push as Vista Land & Lifescapes Inc. prepares for one of its biggest refinancing tests yet.
The Manuel Villar Jr.-led developer is considering the sale of two non-core malls for as much as ₱15 billion, according to a CreditSights report following discussions with Vista Land management. One property in Mandaluyong could fetch around ₱10 billion, while another mall in the southern Philippines has an estimated value of ₱5 billion.
CreditSights said the Mandaluyong property is likely Starmall EDSA-Shaw, the long-standing shopping center occupying one of Metro Manila's busiest intersections.
But there is an important qualification: Vista Land has not publicly announced a definitive agreement to sell Starmall EDSA-Shaw, nor has it disclosed a buyer. The second mall has likewise not been publicly identified.
For Vista Land, however, the question is becoming less about whether it owns enough valuable assets—and increasingly about how quickly those assets can be turned into cash.
The Real Number to Watch Isn't ₱15 Billion—It's $420 Million
Behind the possible mall sales is a considerably larger obligation.
Vista Land has $420 million of 7.25% dollar-denominated notes scheduled to mature on July 20, 2027. Company filings confirm the outstanding issue and its maturity.
At the roughly ₱62.70-to-the-dollar exchange rate cited in the CreditSights analysis, that amounts to approximately ₱26.3 billion.
That means a successful ₱15-billion disposal of the two malls could theoretically cover more than half of the peso equivalent of the 2027 dollar bond.
It would not, by itself, solve Vista Land's entire refinancing challenge.
But it could materially change the equation.
CreditSights said management told the research firm that buyers had expressed interest in assets and that some transactions could potentially be completed in 2026 or 2027.
Why Selling Starmall EDSA-Shaw Would Be a Big Move
If the Mandaluyong property ultimately proves to be Starmall EDSA-Shaw, the potential disposal would carry significance beyond the price tag.
The mall opened in 1988 and sits at the junction of EDSA and Shaw Boulevard, with direct access to the MRT system. A Vista Land prospectus said the property recorded average daily foot traffic of approximately 70,120 people in 2023.
Vista Land's own commercial portfolio currently includes 45 malls, seven BPO offices and 56 commercial centers, with more than 1.6 million square meters of commercial gross floor area.
Vista Land owns a controlling interest in Vistamalls Inc., formerly Starmalls Inc., whose portfolio includes properties such as Evia Lifestyle Center, Vista Mall Taguig, NOMO and Starmall EDSA-Shaw.
Selling one of those assets to an outside party would therefore mark a notable shift.
CreditSights said Vista Land has historically avoided selling malls, offices and land-bank assets outright to third parties, which is why the research house considers execution—not merely asset value—one of the central questions surrounding the refinancing plan.
Vista Land Has More Than One Way to Raise Cash
The proposed mall disposals are only one part of the funding puzzle.
CreditSights identified several potential sources of liquidity that could help Vista Land address obligations through 2027.
One is its portfolio of dollar-denominated financial investments. CreditSights estimated that selling those securities after applying a 20% valuation haircut could generate about ₱26 billion, or roughly $425 million. Around 85% of those investments were reportedly pledged against bank loans, meaning Vista Land would first need to substitute other collateral if it wanted to monetize them.
Another option involves domestic banks.
CreditSights said the Villar Group's sale of PrimeWater Infrastructure Corp. and the repayment of related debt freed up as much as ₱22 billion in group-wide bank credit limits that Vista Land believes could become accessible.
That PrimeWater transaction is no longer merely proposed. Lucio Co's Crystal Bridges Holding Corp. completed its acquisition of the water utility from the Villar Group in May 2026, according to GMA News. Crystal Bridges has since announced a ₱6.7-billion initial rehabilitation and expansion program for the business.
CreditSights also cited the ₱8-billion equity component associated with the PrimeWater disposal as another possible source of shareholder support.
Another Possibility: Keep the Malls Inside the Villar Ecosystem
Selling malls outright to an unrelated company isn't Vista Land's only real-estate option.
CreditSights said the developer could eventually inject mature commercial properties into VistaREIT Inc., allowing Vista Land to raise money while keeping the assets within the broader Villar corporate ecosystem.
But that route may not happen soon enough.
CreditSights said management intends to allow mall occupancy levels to improve before pursuing another injection into VistaREIT, making the strategy potentially more useful for obligations due in 2029 than for the more immediate July 2027 maturity.
That distinction matters.
Vista Land does not have unlimited time to wait for property conditions to become ideal.
The Market Is Already Pricing in Serious Risk
Perhaps the clearest sign of investor nervousness can be seen in Vista Land's overseas bonds.
According to separate reporting on the same CreditSights assessment, Vista Land's 2027 bonds were trading at around 78 cents on the dollar as of August 27, with a yield to maturity of roughly 38.8%. Its $450-million bonds due in 2029 were trading around 60.7 cents, with a yield of approximately 30.7%.
Those unusually high yields generally reflect the substantial risk investors perceive in holding the securities.
Yet CreditSights still maintained a Buy recommendation on the bonds—specifically for investors able to tolerate significant risk.
The firm's argument is essentially that markets may be pricing in an outcome worse than what Vista Land's available assets, banking relationships and shareholder resources ultimately justify.
That is far from saying the problem has disappeared.
CreditSights itself described the challenge as one of execution: the assets may exist, but Vista Land still needs to unlock sufficient liquidity before the deadlines arrive.
There Is Another Issue Investors Can't Ignore
Vista Land's financing story is unfolding while its shares remain suspended from trading on the Philippine Stock Exchange.
The PSE said Vista Land failed to submit its 2025 annual report by the extended June 1 deadline, resulting in the continued suspension of its securities.
The company subsequently also missed the extended deadline for its June 2026 quarterly report, with the PSE stating in August that Vista Land's shares would remain suspended until further notice.
Vista Land previously explained that the audit of its 2025 books was still ongoing and that the delay had affected preparation of subsequent financial statements.
CreditSights also flagged the delayed reports, related-party dealings and accounting disagreements as governance risks, although the research firm said it had found no evidence of fraud or financial irregularities based on the information it reviewed.
The distinction is important: questions over reporting, accounting and governance should not be converted into unsupported allegations of wrongdoing.
The Villar Group Has Already Shown It Is Willing to Sell
A few years ago, the possibility of Vista Land disposing of major properties might have appeared unlikely.
The wider Villar Group's recent moves suggest asset sales are no longer unthinkable.
The most significant example is PrimeWater.
In December 2025, the Villar Group announced that Lucio Co's Crystal Bridges would acquire 100% of PrimeWater, a nationwide utility business serving water districts and communities throughout the country. The acquisition was completed in May 2026.
Vista Land itself also secured a ₱13.61-billion corporate notes facility in late 2025, including an initial drawdown of up to ₱7.22 billion, with proceeds intended primarily to refinance existing or maturing obligations.
Seen together, the transactions point to a group increasingly focused on liquidity, refinancing and balance-sheet management after years of expansion.
So, Are the Malls Definitely Being Sold?
No—not yet.
There is currently a significant difference between what is being considered and what has actually been executed.
What can be stated with confidence is this:
Vista Land management has discussed potentially selling two non-core malls valued at as much as ₱15 billion. CreditSights believes the ₱10-billion Mandaluyong property could be Starmall EDSA-Shaw. Potential purchasers have reportedly shown interest. But there is no announced definitive sale agreement, identified buyer, final transaction price or closing date for either mall.
That distinction should remain in any headline or social-media post to avoid presenting a potential transaction as a completed one.
The Bigger Story: Vista Land Has Assets—Now It Needs Time and Cash
This is ultimately not just a story about two malls.
It's a test of whether a property empire built around accumulating land and commercial assets can successfully convert enough of that wealth into liquidity when large debts fall due.
Vista Land has real options: mall sales, commercial-unit disposals, financial investments, local bank credit, shareholder support and potentially future transactions involving VistaREIT.
CreditSights believes those options create enough of a cushion to keep a severely distressed outcome from being its base-case expectation.
But owning billions of pesos worth of property and having billions of pesos in cash available at precisely the right moment are two very different things.
That is why the possible ₱15-billion mall sale matters.
Not because it necessarily signals that the Villar property empire is being dismantled—but because with a $420-million maturity approaching in July 2027, Vista Land may soon have to demonstrate just how much of its sprawling asset base it is genuinely willing, and able, to monetize.
And if Starmall EDSA-Shaw really does go on the block, the identity of the buyer—and the final price—could tell investors far more about Vista Land's financial reset than the sale itself.
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