Posted on 09:21 PM, November 29, 2010 [ Businessworld Online ]
VILLAR-led Vista Land and Lifescapes, Inc. has started integrating its leasing and commercial ventures into a master-planned residential development.
The Evia masterplanned city in the Las Piñas-Alabang area will be an P11-billion project in the next five years, the listed property developer said in a statement during the weekend.
The company has allotted P1 billion in capital expenditure in the next six months for the Lifestyle Center, which is set for a groundbreaking in December, said Vista Land Chief Executive Benjamarie N. Serrano.
“We are looking at total capital expenditures of about P11 billion in the next five years for Evia, as we build out major components including the Lifestyle Center, the Riverwalk, the church and the University Town together with continuing residential developments,” Ms. Serrano said.
Existing developments in a 150-hectare portion of Evia are three high-end, mid-range and economic-level residential buildings of Vista Land’s Brittany, Crown Asia and Camella brands.
Brittany’s Portofino, Crown Asia’s Ponticelli, and Camella’s Cerritos, now have about 5,500 residential units.
Ms. Serrano said these projects will allow Evia to accommodate other residents and locators.
The master plan for Evia, which will be a self-contained, 600-hectare community with business, commercial, educational and leisure districts, will integrate concepts in urban development, community planning, environmental and energy friendliness.
Integrated property projects
“Years ago, we recognized that some of our extensive land bank would be used for integrated property projects, and not solely residential communities,” Ms. Serrano said.
She added that residents and locators need communities with a wide range of facilities, resources and services.
The property developer wants to record about P1 billion of earnings from leasing commercial and office space in the next few years.
Vista Land wants Evia to attract residents across all brands and a range of commercial locators, businesses including business process outsourcing and information technology companies, health care entities and educational institutions.
Vista Land operates under a total of five brands.
Brittany consists of house-and-lot units for as much as P9 million each while Crown Asia has units priced from P3.5 million to P9 million.
Camella Homes offers units worth P3.5 million and below, Communities Philippines sells Camella Homes in the provinces while Vista Residences is their condominium arm.
The company, owned by the family of Senator Manuel B. Villar, Jr., has so far delivered about 200,000 units to buyers since 1977.
Shares in Vista Land, whose profits rose by 16% in the nine months that ended in September to P2.16 billion amid brisk residential sales, closed three centavos lower at P3.21 each on Friday. -- Neil Jerome C. Morales