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
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