[ Malaya.com.ph ] January 19, 2010
Starting the year with a move to strengthen its position in the residential condominium segment, publicly listed holding company Vista Land and Lifescapes is consolidating its condo projects under a new brand name, Vista Residences, even as its stock steadily maintains "buy" ratings by independent financial analysts.
"The new brand name signifies our commitment to being a major player in residential condominium development," said Jing Serrano, Vista Land president and CEO. "Having one brand name for all our condo projects gives them a signature identity that will increase recognition and project our strength in the market."
Under the new brand name, four Vista Residences projects will be topped off in January and February, namely Mosaic in Greenbelt, Avant at the Fort, the first tower of Laureano di Trevi on Chino Roces in Makati, and Crown Tower in Manila.
A fifth project, WIL Tower in Quezon City, is scheduled for launching shortly, with its site excavation now underway. The first tower of another project, Symphony in Quezon City, was topped off in November, 2009. Still another project, Madison Place also in Quezon City, was presented and turned over to buyers in December, 2009.
The Vista Land CEO said that even as the group entered the residential condo segment only three years ago in 2006, it already has a total of 11 projects that have been completed, are in construction, or shortly will be launched. "Residential condos are a growing segment and Vista Land is well-positioned to address the rising demand," she said, "Simultaneously, we are continuing to pursue growth vigorously in other key industry segments."
Serrano cited the advantageous locations of Vista Residences projects in Makati, Quezon City, Taguig, Sucat and Manila. The brand’s latest project to be launched, WIL Tower behind ABS-CBN in Quezon City, will be its anchor project in 2010.
"Vista Land brings to the residential condo segment our experience and track record gained from building the most number of homes among all local property developers," Serrano said. So far, the group has built more than 200,000 homes all over the country. With its participation in various residential segments ranging from budget to high-end projects, Vista Land’s total portfolio consists of 127 projects nationwide, located in 18 provinces and 42 cities and towns.
Up to 60 percent of Vista Land buyers are overseas Filipino workers (OFWs). Since it owns the most geographically diverse properties in the industry, Vista Land is able to offer homes to OFW families in areas where competitors have no presence, with project locations corresponding closely with the geographical distribution of OFWs. The company’s line-up and geographical spread of existing developments is unequalled by any other local property developer.
Meantime, independent brokerage and investment analysts reporting on Vista Land since 2008 have been uniformly positive on buying the company’s stock, which are rated as undervalued. Vista Land stock currently stands at Php 1.88 per share.
A report by Leo Venezuela of CLSA Asia-Pacific Markets issued in November, 2009 said that Vista Land stock has the highest potential upside at 79 percent, based on a price target of P3.54 over the next 12 months. Similarly, analyst Gilbert Lopez of Credit Suisse, in a report released in October, 2009, maintained an "Outperform" rating for Vista Land, one that is given if the analyst believes that the stock’s total return is expected to exceed the industry average by at least 10 – 15 percent or more, depending on perceived risk, over the next 12 months. The Credit Suisse report also stated a potential upside of 77.9 percent, based on a price target of P3.63. The report said that Vista Land remains the most attractively valued among property companies.
"With its sound fundamentals as a publicly listed company, Vista Land’s progress in the residential condo segment is part of a coordinated strategy to generate greater value for our stakeholders in the medium and long term," said Serrano.
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