PHILIPPINE REAL ESTATE and RELATED NEWS in and around the country . . .

Vista Land to build hotels, resorts

By Neil Jerome C. Morales (The Philippine Star) | Updated January 6, 2014 - 12:00am

MANILA, Philippines - The country’s largest homebuilder Vista Land & Lifescapes Inc. plans to venture into hotels and resorts in the next two years, riding on the tourism boom of the Philippines.

Listed Vista Land will also focus on launching more masterplanned communities starting this year, its top official said.

“We don’t have any presence in hotels and resorts. That’s probably in the next year or two,” Vista Land chairman Manuel B. Villar, Jr. said in an interview.

“I am excited about tourism, which is a strong area so we will be participating there,” Villar said.

Hotel and resort projects will allow Vista Land to complete its offerings in the property sector. So far, Vista Land’s residential communities also feature Vista malls and office space.

Villar said the property firm already created a new unit that will focus on hotel and resort developments.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1

To test its capacity in the hospitality industry, Vista Land operates several condominium units as hotels, much like serviced apartments, Villar said.

“Maybe by 2015, we will be building our own hotels,” he said.

The Department of Tourism (DoT) earlier estimated that more than 20,000 new rooms must be built by 2016 to serve the growing tourism market. The government targets attracting 10 million foreign tourists by 2016 while encouraging investments in hotels and tourism-related infrastructure.

In January to August, the Philippines registered 3.18 million international tourist arrivals, up 12 percent from 2.85 million year-on-year.

For its core residential business, Vista Land is focusing more on masterplanned communities.

“Another thrust for us is masterplanned communities. We will be launching them one by one in the next three years,” Villar said, adding that the company will introduce to the market one to two communities per year.

Vista Land is the holding company of five business units: luxury brand Brittany, upper middle income segment Crown Asia, middle income unit Camella Homes, Communities Philippines and condominium builder Vista Residences.

The listed property firm targeted to jack up its profits and revenues by 15-20 percent in 2013 from P4.37 billion and P16.33 billion in 2012, respectively.

In January to September, Vista Land’s profits rose 17 percent to P3.8 billion while real estate revenues picked up 22 percent to P14.8 billion.

In the past 38 years, the property firm has completed more than 250,000 housing units in 31 provinces and 64 cities and municipalities around the country.

real estate central philippines
Copyright ©2008-2018