[ manilatimes.net ] February 14, 2011
VISTA Land and Lifescapes Inc. plans to launch seven medium-rise building (MRB) projects in the first quarter, further diversifying the property developer’s product offering in the market.
In a statement, Benjamarie Serrano, Vista Land chief executive, said six of the projects in the pipeline under Camella Residences will be five- to 10-storey MRBs while one project will have 15 floors.
Since September last year, the company has secured more than 1,650 hectares of new land and has identified areas suitable for MRB developments.
Serrano said the company has drawn plans for initial project launches in areas such as New Manila, Cubao, Fairview, Taguig, Sucat and Davao.
The two-year construction period for MRBs is faster than building high-rise towers, which normally take up to five years, allowing faster recognition of revenues. For Vista Land’s planned offerings, prices per unit range from under P2 million to over P3.5 million.
Last month, the real estate firm said it would launch P7-billion worth of MRBs to serve the fast-growing vertical housing segment.
Vista Land shares lost P0.01 to close at P2.66 on Friday.
KRISTA ANGELA M. MONTEALEGRE
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