Additional 1.6msf can be built at HSP (0.5msf mall, 1.1msf office space); however, this is in the planning stage and finalization will take ~12 months. < Valuation view: We believe that PHNX offers a unique way to play India's retail growth story due to its (a) strong track record of execution and (b) scalability, as reflected in the line-up of five new under-construction malls and (c) robust cash generation. We value PHNX's retail assets based on the DCF-based NAV approach, assuming a cap rate of 8.5% (HSP - 8%) and a...