8990-Waltermart retail venture deal scrapped

A RETAIL property joint venture deal between mass housing developer 8990 Holdings and retailing tandem SM-Waltermart Group has been officially terminated.

8990 Holdings president Januario Jesus Atencio said on Tuesday night that joint venture deal had been rescinded by SM-Waltermart.

“This may be providential because this now opens the opportunity for 8990 to go into mall operations,” Atencio said.

The alliance with SM-Waltermart would have covered the retail component of two of 8990 Holdings’ township projects – one in Vitas, Tondo and another in Ortigas Avenue Extension.

The Vitas property will have 35,000 square meters of gross floor area (GFA) devoted to retail while the Ortigas property will have 45,000 square meters of retailing GFA.