Vista Land to expand in 18 provinces

MANILA, Philippines - Publicly listed property group Vista Land and Lifescapes announced its latest initiative to consolidate its franchise as the country’s largest homebuilder, namely to intensify its presence further outside Mega Manila with new projects to be launched in the next few years, mainly for overseas Filipino workers (OFWs) in some 18 provinces it has identified.

Vista Land President Benjamarie N. Serrano said that this direction for growth – in addition to initiatives in vertical residences and lease properties – is uniquely suited to the group since some 60 percent of its sales come from OFWs. The target areas include Cabanatuan, Batangas City, Lucena, Ormoc, Butuan, and will bring Vista Land’s presence to a total of 37 provinces.

According to the Bangko Sentral ng Pilipinas (BSP), OFW remittances from January to May 2010 totaled $7.44 billion, 6.6 percent higher than the $6.98 billion recorded in the same five months last year. Money sent home by Filipinos abroad hit a new monthly record of $1.578 billion in May, given the steady demand for professional and skilled workers and the continued expansion of remittance channels.

“There was no slowdown in the market for homes among OFWs despite the global economic crisis, since the majority of them were not adversely affected,” Ms. Serrano said. She explained that Vista Land’s sales showed OFWs continue to buy homes during a global downturn, with the only difference being a more conservative stance in their purchase outlays, whereas they are more expansive about the price tags of their acquisitions in an economic upturn. She elaborated that in a downturn, Vista Land’s affordable Camella brand homes command a greater attraction among OFW buyers, while during a boom period, in addition to Camella, its mid-range Crown Asia and upper-end Brittany brands register relatively higher sales among overseas Filipinos, particularly those in the US

“Vista Land started building homes with Camella more than 30 years ago and we have always served OFWs as our primary market. One key reason, of course, why Filipinos work abroad is to acquire homes that they can be proud of. Our experiences have taught us that Filipinos abroad buy homes here to be lived in by their families, and not solely for investment purposes. These are end user homes,” said Ms. Serrano, and when buying new homes, they want to remain with their roots. What this means is that most prefer to reside in their provinces of origin, where they have emotional and family connections.

“Our land banking outside Mega Manila is the largest of any residential property group, and it corresponds closely with the geographical distribution of OFWs nationwide. We are uniquely positioned to offer them the homes of their choice, where they want them,” she said.

Serrano noted that Vista Land’s initiative to pursue developments more aggressively in specific provinces coincides with an optimistic outlook on sustained remittance flows for the rest of 2010, the BSP having upgraded its growth forecast for OFW remittances to eight percent from six percent.