By Zinnia B. Dela Peña (The Philippine Star) Updated January 10, 2011 12:00 AM
MANILA, Philippines - Vista Land & Lifescapes Inc., the country’s leading mass housing builder, is expected to sustain its growth momentum this year with a string of new project launches which include more medium-rise residential buildings (MRBs).
Benjamarie N. Serrano, chief executive officer of Vista Land, said the group, through its newest business unit Vista Residences, is hoping to take advantage of the strong demand for MRBs, which they just started to tap.
“We can service the demand, with the required capabilities and resources,” Serrano said.
Walkable and amenity-rich MRBs have been growing in popularity as they fill the gap between high-rise condominium buildings and detached houses.
Vista Residences currently has 22 developments in its portfolio, with 15 of them completed and turned over to buyers recently. Among these completed projects are Madison, Symphony Tower 1, and Pinecrest Tower 1 in Quezon City; Mosaic and Trevi Tower 1 in Makati; Crown Tower U-Belt in Manila; Marfori, Michelangelo, Rembrandt, Monet, and Bellini in Sucat; Grand Quartier 1 and Grand Quartier 2 in Tagaytay; Pacific Residences Tower 1 in Taguig; and Northpoint Tower 1 in Davao.
Projects under development, on the other hand, include WIL Tower 1 and Pinecrest 2 in Quezon City; KL Mosaic, Trevi Tower 2, and Trevi Tower 3 in Makati; and Avant and Pacific Residences 2 in Taguig. Vista Residences expects the total value of vertical developments to reach P12.5 billion this year.
Vista Land caters to practically all income segments of the real estate market through its four brands’’ Brittany, Crown Asia, Camella, and condominium developer Vista Residences.
It is also easing into commercial property development via its existing master-planned communities, which also signals its entry into the leasing business.
Vista Land, the holding firm for majority of the real estate assets of the Villar family, has programmed about P11 billion over the next five years for EVIA, a 600-hectare self-contained community in the Las Pinas-Alabang area.
As of end-September this year, the company had a total landbank of 1,653 hectares, 1,327 of which are owned by the group while the remaining 326 are through joint ventures.
Vista Land recently raised $100 million from the global bond market and has obtained over P1 billion in debt from a group of local banks to fund its projects.