Vista Land to roll out 8 new projects this yr

MANILA, Philippines - Villar-led property holding company Vista Land & Lifescapes is stepping up the construction of residential condominiums with plans to roll out eight new projects this year with a total value of P10 billion.

In 2011, Vista Land launched seven vertical projects worth P6 billion.

“Despite fears of over-expansion in the supply of residential condominiums, our vertical projects were well received by the market and this has encouraged us to develop additional phases of existing projects,” said Vista Land president and chief executive Manuel Paolo A. Villar.

Villar said the group is looking at five new areas for acquisition which they intend to develop into high or medium-rise residential projects.

Vista Land chief financial officer Ricardo B. Tan Jr. said the group is expanding two projects that will have a total value of P3 billion, and P7 billion for six new projects.

The group’s condominium projects are being undertaken by subsidiary Vista Residences.

Villar said the launch of Camella Condo Homes was a strategic move aimed at leveraging on the success of Vista Land’s Camella Homes in the horizontal residential sector.

He said medium-rise buildings (MRBs) are similar to horizontal residences and are a logical alternative for its buyers, many of them OFWs who consider owning a home a top priority.

The amount being sent home by overseas Filipino workers will continue to grow in spite of the crises in Europe and the US.   Remittances from around 11 million OFWs are deemed vital because these help fuel consumption of Filipino households that in turn will boost the local economy.

Among Vista Land’s existing MRBs include Pinecrest on Aurora Blvd. and Madison in Cubao, Quezon City; Marfori and Presidio at Lakefront in Sucat; Pacific Residences in Taguig City; and Northpoint in Davao City.