Vista Land & Lifescapes—the real estate firm controlled by billionaire and former politician Manuel Villar—is exploring selling some of its assets including two shopping malls to raise funds to repay a $420 million bond due in July next year.

The company, one of several listed companies owned by Villar, is reviewing the sale of non-core assets, which could raise up to 15 billion pesos ($240 million), it said in a stock exchange filing on Tuesday. The developer is also evaluating strategic options for its retail assets, including potential transactions involving VistaREIT, as well as other sources of liquidity such as financial investments and bank financing.

“The company continuously evaluates........

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