Published on Friday, 06 September 2013 00:00 [ Malaya.com.ph ]
Vista Land and Lifescape Inc., flagship of the Villar group, yesterday said it expects as much as P15 billion in revenue from its master-planned community Lakefront in Sucat, Muntinlupa.
The company said it is spending P5.4 billion to develop a portion of the 60-hectare property.
Company officials said during a visit to the project site the whole property was originally eyed to be developed for P45 billion in 10 years time, starting in 2004, with a goal to generate sales of as much as P80 billion from the project.
The company over the years, however, slowed down the development from the original timetable which saw the company improve just 27 hectares of the property’s total land area, according to Maribeth Tolentino, president at Vista Land’s condominium development unit Vista Residences.
Currently, Lakefront is bannered by six enclaves that comprise Vista Land’s middle-income to high-end property development brands, and commercial area brands—The Marfori Tower, Presidio, La Posada, Marina Heights, Victorianne, and The Wharf.
The Wharf and Marina Heights banner the commercial areas of Lakefront.
Of the remaining four, Presidio and Marfori Tower comprise the company’s mid-rise and high rise building development in the area.
The past nine years of the project, Vista officials said, saw several properties in the project double their value, such as the units in Lakefront’s horizontal projects which are now valued at P7 million compared to the introductory price of P3.5 million in 2004.
Condominium units in Lakefront are currently priced at as much as P33 million, the officials said.
Buyers in Lakefront are mostly upwardly mobile individuals who are upgrading from their existing abode or investors who take advantage of the property’s strategic location along the South Luzon Expressway as well as one of the big property developments happening within the area, according to the Vista Land executives.