By Jenniffer B. Austria | Posted on Sep. 06, 2013 at 12:02am | manilastandardtoday.com
Property developer Vista Land and Lifescapes Inc. expects to generate P80 billion in sales from the development of a 60-hectare mixed-use project in Sucat, Muntinlupa called Lakefront.
Vista Land Residences president Maribeth Tolentino said in a news briefing the company generated P15 billion in revenues over the last nine years from the development of 27 hectares of the Lakefront community.
Tolentino said the property was master-planned to contain 50 residential buildings, but only eight so far were built, which were mostly mid-rise buildings and house-and-lot-projects catering the middle-income and high-end market.
She said for the remaining 33 hectares, the company decided go slow with the development as property prices in the area were expected to continue to rise.
“After the Bonifacio Global City and the Food Terminal Inc., the next big property to be developed should be Sucat,” Tolentino said.
The company said land prices in the area more than trebled to current range of P65,000 to P75,000 per square meter since it started developing Lakefront in 2004.
Vista Land plans to launch four mid-rise buildings that will generate P2 billion in sales over the next two years. It said it might also allot an initial one hectare for the development of two office towers for lease to the business process outsourcing industry to test the market.
Vista Land Residences corporate planning and corporate marketing head Red Rosales said Sucat was good site for office development as most of the BPO employees working in Makati and Bonifacio Global City were living in Cavite and Laguna.