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Vista Land readies strip malls

Posted on August 27, 2012 09:32:53 PM [ BusinessWorld Online ]

VISTA LAND & Lifescapes, Inc. is now in talks with big-name tenants for its planned strip malls, marking progress for the housing developer’s plans to beef up its commercial property portfolio.

“There are a lot of groups signing with us now for our ‘smalls’ (small malls). We’re talking to Jollibee [Foods Corp.], and also Starbucks [Philippines],” Ricardo B. Tan, Jr., Vista Land chief financial officer and compliance officer, said in a chance interview last Thursday.

“There’s a lot of interest from prospective tenants with good track records,” Mr. Tan added.

Jollibee and Starbucks could not be reached for comment.

Last May, Vista Land said that in a span of five years, it was looking to build 50 small-scale strip malls all over the country, to be anchored by local retailers.

Mr. Tan said these developments will give Vista Land more know-how in managing its commercial sites.

“You look at Sucat [in Parañaque City], there’s already a commercial development there. You look at Evia in [Las Piñas-Alabang], you have McDonald’s [there], and we have also signed up with Rustan’s. Puregold, on the other hand, is already in three [Vista Land] locations,” he said.

Vista Land had forged agreements with Puregold Price Club, Inc. and Rustan Supercenters, Inc. for supermarkets near residential developments in Antipolo, Parañaque and Pampanga.

Senator Manuel B. Villar, Jr., Vista Land’s founder, revealed earlier this month that the property firm has already secured 65 properties for the 50 ‘smalls,’ which in turn are expected to earn P1 billion in leasing income moving forward.

Vista Land has so far delivered about 200,000 units to buyers since 1977, and claims to have a presence in over 50 cities and municipalities nationwide.

The company bared plans to develop eight residential condominiums worth P10 billion and 32 residential subdivisions worth P32 billion this year.

In addition, the developer is targeting to hit reservation revenues of P28 billion to P30 billion by the yearend, compared to a 2011 goal of P24 billion incurred from 23 projects, earlier reports stated.

For 2012, Vista Land has programmed a capital expenditure of P15 billion, to be used mostly for Camella Homes, which sells residential units valued at P3.5 million and below.

The real estate firm boosted its January-to-June net income by 25% to P2.19 billion from P1.74 billion last year, buoyed by revenue growth that reached P8.1 billion versus P6.6 billion last year, a 22% increase.

Costs and expenses for the period expanded by 21.86% to P6.41 billion.

Vista Land shares fell by 0.23% to P4.38 apiece on Friday from its previous close. -- Franz Jonathan G. de la Fuente
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