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Property firms bare optimism on sales

Posted on July 30, 2013 10:20:18 PM [ BusinessWorld Online ]
TWO LISTED property developers yesterday expressed optimism on their projects, with Vista Land & Lifescapes, Inc. saying it expected P4 billion in sales from condominium projects in Mindanao and Global-Estate Resorts, Inc. (GERI) reporting it was close to its full-year reservation sales target.
Vista Residences, Inc., condominium development arm of Vista Land, said it was now building its first high-rise condominium property in Cagayan de Oro City. The Loop, located in Limketkai Center in Cagayan de Oro, is Vista Residences’ second vertical project in Mindanao after mid-rise Northpoint along J.P. Laurel Street in Davao City. “Combined, the Loop and the fourth tower of Northpoint, Liverpool, are expected to generate at least P4 billion in sales upon completion,” the company said in a statement.
GERI, an affiliate of Megaworld Corp., said separately that it booked in the first half bulk of its 2013 reservation sales target. “GERI has achieved… growth for the first semester… by posting P5.6 billion in reservation sales which accounts for 70% of its full-year target of P8 billion,” according to a statement attached to a disclosure.
Comparative data last year were not immediately available.
In the same statement, GERI said capital expenditure this year would be around P3.5 billion, compared to P2 billion in 2012.
Yesterday, shares of Vista Land stayed at P5.88 apiece, while those of GERI gained nine centavos or 5.36% to P1.77 each. -- CHCV  
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