Posted on June 18, 2013 10:23:21 PM [ BusinessWorld Online ]
VILLAR-LED Vista Land and Lifescapes, Inc. has set a P10-billion borrowing program to partially bankroll its capital expenditures for this year, an official said on Monday.
“Our program for this year is as follows: We will source about P6 billion from local banks,” Ricardo B. Tan, the company’s chief financial officer, said in a text message yesterday.
“Depending on the market conditions here and overseas, we would consider raising up to P10 billion [but] it does not necessarily have to be taken in one transaction or all done this year,” Mr. Tan added.
He said first part of the borrowing program will be executed next quarter. “We expect to complete the P6-billion [target] within the third quarter,” Mr. Tan also said, noting that the remaining P4 billion may be raised through corporate bonds.
Sen. Manuel B. Villar, founder of Vista Land, told reporters early this month that the company has set a P18-billion capital expenditure budget for this year while the firm was “ready” to hike this figure to up to P20 billion if needed.
This as Mr. Villar said Vista Land will be launching 12 new Camella Homes projects in the next “two to three months.”
Mr. Villar identified some of the company’s new project locations as Cotabato, Aklan, Roxas City, and Sta. Maria in Bulacan.
These new projects will add to the more than 60 Camella Homes projects nationwide. Aside from Camella Homes, Vista Land also owns other residential brands namely Brittany, Crown Asia, Communities Philippines, and Vista Residences.
Mr. Villar added that his company will also open four new malls this year on top of the four existing ones.
The four new malls will be located in Parañaque City, Antipolo City, Sta. Rosa in Laguna, and San Fernando in Pampanga.
Under its long-term plan, Vista Land is eyeing to build 50 malls in the next five to six years, Mr. Villar said.
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, its Web site showed. -- Cliff Harvey C. Venzon