Posted on April 10, 2011 10:12:42 PM [ BusinessWorld Online ]
VILLAR-LED developer Vista Land & Lifescapes, Inc. has leased out a lot to retailer Puregold Price Club, Inc., marking the start of what the property firm hopes to be a series of rent agreements that will bring in a targeted P1 billion by 2016.
“The lease agreement has a duration of 10 years covering an area of around 2,350 square meters in one of Vista Land’s rapidly-growing flagship developments, The Lakefront in Sucat,” Vista Land said in a statement yesterday.
Puregold is thus a key locator in The Lakefront now, said Benjamarie Therese N. Serrano, president and chief executive of Vista Land in the same statement.
Vista Land has already completed several subdivision developments and buildings at The Lakefront. It also launched medium-rise projects in the community.
“Our supermarket at the Lakefront should be open for business by the fourth quarter of 2011,” Puregold President Leonardo B. Dayao was quoted as saying in the same statement.
Puregold has around 70 branches nationwide to date.
“We expect to further strengthen our business relationship by setting up stores in other key developments of Vista Land in the coming years,” he added.
Vista Land echoed that it was indeed in talks with Puregold to sign similar lease agreements in other areas like in Las Piñas, Cavite, and Sta. Rosa in Laguna.
This firms up Vista Land’s earlier announcements last year to expand into leasing projects for areas that are suitable for commercial purposes.
Vista Land operates under five brands -- Brittany that sells house-and-lot units for as much as P9 million each; Crown Asia with units for P3.5 million to P9 million; Camella Homes with units for P3.5 million and below; Communities Philippines that sells Camella Homes in the provinces; and the condominium arm Vista Residences.
It allotted P11 billion for capital expenditures in 2011. This is an improvement from the P10 billion spent last year.
Shares in Vista Land, whose profits jumped by 31% to P3.013 billion last year, were unchanged at P3.02 each on Friday. -- NJCM
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