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[ Davao ] Vista Land to invest P500M in 2 new projects


Monday, March 15, 2010 [ sunstar.com.ph ]

By Carlo P. Mallo

REAL estate giant Vista Land and Lifescapes, the mother company of Camella Communities Davao, has earmarked P500 million for two new projects that will be launched in Davao City later this year.

Aimed to provide affordable houses to the Dabawenyos, the two new projects will still be equipped with upscale amenities.

Proposed locations of the two projects will be in Mintal and Cabantian, current sites of residential developments in the city.

In an interview with Sun.Star Davao Monday morning, Marlon Escalicas, general manager of Camella Communities Davao, said that even if the houses to be developed in the property will be more of the affordable bracket, Camella Communities will not compromise the quality and the amenities.

"The projects will still have the safety and security features that our other projects have. What we want to build is a community that is affordable to a greater segment of the market," Escalicas said.

At present, Camella Communities has three projects in Davao City -- Solariega, Toscana, and Camella Northpoint.

Showing confidence in the country's real estate industry, Vista Land and Lifescapes has earmarked more than P10 billion worth of investments for this year with more than 30 real estate projects throughout the whole country.

In a statement, Villar said the new developments will bring the Vista Land group's portfolio of projects to a total of 157 projects, distributed among 19 provinces and 46 cities and municipalities.

The bulk of capital expenditures will be allocated for the construction and development of projects, with a minor portion for land acquisition.

Most of the new projects are intended for the affordable to mid-range housing market, where Vista Land has a strong brand and marketing presence.

Vista Land and Lifescapes is a conglomerate of Brittany, Crown Asia, Camella Communities, and Vista Residences.

Published in the Sun.Star Davao newspaper on March 16, 2010.

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