8990-Waltermart retail venture deal scrapped | Inquirer Business

8990-Waltermart retail venture deal scrapped

/ 08:30 AM February 03, 2016

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8990 Holdings president Januario Jesus Atencio said on Tuesday night that joint venture deal had been rescinded by SM-Waltermart.

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“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.

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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.

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