Posted on September 08, 2013 09:29:43 PM [ BusinessWorld Online ]
VISTA RESIDENCES, Inc., a subsidiary of Villar-led Vista Land & Lifescapes, Inc., plans to build more condominiums outside Metro Manila to boost its presence in the provinces, a top company official said late last week.
Maribeth C. Tolentino, Vista Residences president, told reporters on Thursday that her company was looking at such projects in Tagaytay City as well as in Iloilo and Cebu cities.
For Tagaytay, the company plans to build three five-storey residential buildings later this year. Ms. Tolentino said Vista Residences would spend P800 million for the project, which will have a total of 400 units and projected sales of about P1.5 billion.
“If the project is successful, there are adjacent lots with a total of six hectares that are also being offered to us that can be allotted for expansion,” Ms. Tolentino said.
For its Iloilo venture, the company is “looking at two hectares that can accommodate six towers,” she said.
For Cebu, the official said the company is still looking at potential sites “but plans for three to four towers” are being considered.
Construction of condominium projects in Cebu and Iloilo could start next year, Ms. Tolentino said.
Last month, Vista Land said it was building its first high-rise condominium in Cagayan de Oro City’s central business district. Called “The Loop,” the property is located at Limketkai Center. It is Vista Residences’ second vertical project in Mindanao. The first was the mid-rise condominium project called Northpoint along J.P. Laurel Street in Davao City.
Ms. Tolentino said expansion in Metro Manila will continue as well. “Of course we will not leave behind Metro Manila where we will soon develop another project in Quezon City,” she said without providing details.
Vista Land’s profit grew by 17.89% to P2.57 billion in the first semester from P2.18 billion in the same six months last year. Revenues climbed 21.34% to P10.52 billion from P8.67 billion, while cost and expenses rose 22.97% to P7.87 billion from P6.40 billion.
The company plans to spend P18.6 billion for this year, with nearly P10 billion for the project launches and the rest for land acquisition. The company spent around P12 billion last year.
Vista Land shares shed three centavos or 0.58% to close P5.12 apiece on Friday last week from P5.15 each on Thursday. -- C. H. C. Venzon