SM-Waltermart group and 8990 Holdings scrapped their plans to build two malls together amid speculation SM decided the projects may take business away from its own shopping centers.

8990 Holdings president Januario Jesus Atencio confirmed that the SM-Waltermart group canceled the deal, Philippine Daily Inquirer reported. The SM Group has a 50-50 partnership with the Waltermart Group of companies.

When asked whether 8990 Holdings is going to get another partner, Atencio said, “We’re not looking but we’re open.”

The parties haven't said why the deal was canceled, but some industry experts said the projects, in two 8990 residential sites, would have cannibalized sales of SM malls near them.

The SM-WalterMart-8990 partnership covered 8990 residential projects in Ortigas Avenue Extension and in Vitas, Tondo. The partnership would have built a mall and low-cost condominiums in the Ortigas site and a retail complex in Tondo. They would have been 8990's debut in commercial property development.

8990 Holdings is still planning shopping malls in  Makati and Filinvest City Alabang. The company is launching 14 projects valued at P7.3 billion this year.

In 2015, 8990’s revenue grew 24 percent hitting the P9 billion mark. This year, the company projects 20 percent rise in profit with a projected rise in revenue up to P12 billion.