Vista Land eyes P80-B sales from Lakefront

MANILA, Philippines - The holding unit for the real estate business of the Villar family is targeting to generate P80 billion in residential and commercial revenues from its Lakefront mixed-use community project in Parañaque.

Vista Land & Lifescapes Inc. will launch more than 40 new residential buildings and commercial and office structures in the 60-hectare prime lot fronting Laguna Bay, officials said yesterday.

The country’s most geographically diverse property firm allotted P45 billion to develop the Lakefront property, Red Rosales, head of corporate planning and corporate marketing of Vista Land, said in a briefing.

“The whole area is around 60 hectares and almost 27 hectares is already developed for the residential segment,” added Vista Residences vice-president Beth Tolentino.

Vista Land has so far spent around P5 billion to develop 27 hectares of raw land into numerous projects: Brittany’s La Posada and Marfori Tower, Crown Asia’s Marina Heights and Vista Residences’ Presidio.

The remaining lots in Lakefront are allotted for medium-rise buildings and high-rise residential projects, depending on the needs of the market, Tolentino said.

“In our masterplan, there will be 50 buildings. We already constructed eight so there are 42 medium-rise buildings left,” Tolentino said.

Vista Land spends around P200 million each for a five-story residential building.

Lakefront also features around 10 hectares of commercial lots divided into two areas: the wharf and the Presidio Puregold section.

“We are also planning to put up business process outsourcing buildings,” Rosales said, adding that the company will benefit from the workforce coming from nearby Laguna and Cavite.

Lakefront is part of numerous masterplanned developments of Vista Land.

In the first half, Vista Land posted an 18-percent uptick in net income to P2.6 billion from P2.2 billion last year while revenues rose 20 percent to P9.7 billion from P8.1 billion.

To date, Vista Land has projects in 31 provinces and 64 cities and municipalities nationwide.

For this year, the property firm targets to grow its profits and revenues by 15 to 20 percent.