Posted on 10:11 PM, September 14, 2010 [ BusinessWorld Online ]
VISTA LAND and Lifescapes, Inc. wants to increase the total value of its condominium projects for sale next year to P12.5 billion, the listed company said in a statement yesterday.
New low- and mid-rise condominium projects, mostly in Southern Luzon, will add to Vista Land’s existing 17 projects. The firm’s portfolio has buildings worth P5.03 billion, the statement said.
Vista Land Chief Executive Benjamarie N. Serrano said the property firm would be opening several buildings next year with a combined value of P7.5 billion.
“The successful launching of the new development projects would bring the total value of [the firm’s] vertical units to P12.5 billion by 2011,” Ms. Serrano said.
Low- and mid-rise development is the “logical step for Vista Land, with the demand driven by end-users in the metropolis who want to enjoy the advantages of a low-rise or mid-rise development,” she added.
Vista Land operates under five brands -- Brittany that sells house and lot units for as much as P9 million each, Crown Asia for units worth P3.5 million to P9 million, Camella Homes for units worth P3.5 million and below, Communities Philippines that sells Camella Homes in the provinces, and condominium arm Vista Residences.
Projects in Southern Luzon are expected to hike sales further. “The increasing number of vertical developments along [South Luzon Expressway] is a testament to the outward movement of the market,” Ms. Serrano said.
The firm has delivered about 200,000 housing units since 1977.
“We have opened a total of 17 low-rise and mid-rise buildings ... We are tapping into our existing master-planned communities where we will incorporate more of these types of developments,” Ms. Serrano said.
The biggest “township” project, the 60-hectare Vista Lakefront at Sucat in Parañaque, will soon have residential condominiums. Vista Land has already completed six of seven mid-rise buildings in the resort-themed Presidio enclave.
Of the firm’s P10.2-billion budget, P4.3 billion was spent in the first half for land development, housing construction and acquisition of more land on top of the existing 1,673 hectares.
Shares in Vista Land, whose profits grew by 12% to P1.44 billion in the first half, closed P0.03 higher at P3.23 each yesterday. -- N. J. C. Morales
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