Posted on June 12, 2011 10:10:18 PM [ BusinessWorld ]
VILLAR-LED developer Vista Land and Lifescapes, Inc. expects to finish the construction of a P1.5-billion condominium ahead of schedule as brisk sales prompted the firm to start construction early.
The 30-storey tower dubbed Salcedo Square will be completed by July 2014, one year earlier than expected, Vista Land’s condominium arm Vista Residences said in a statement late last week.
“We have sold over half of the available units in just over three months,” Vista Residences Chief Operating Officer Maribeth C. Tolentino said in the same statement. Preselling of the condominium project began last February.
Ms. Tolentino said strong sales take-up prompted Vista Land to start construction. Excavation work has already been completed while structural work will start in July.
Salcedo Square is being built on a 840-square-meter lot located along L.P. Leviste Street in Makati.
The tower, which will have 409 units ranging from studios to two-bedroom flats, is adjacent to offices, malls and hotels in the Makati central business district.
Early completion of Salcedo Square will mean that revenues and earnings from the project can be booked earlier, said Ricardo B. Tan, Jr., senior vice-president for finance of Vista Land.
Vista Residences has a portfolio of 36 condominium developments. -- Neil Jerome C. Morales
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