Posted on July 27, 2014 09:49:00 PM [ BusinessWorld Online ]
HOME BUILDER Vista Land & Lifescapes, Inc. said it has earmarked P50 billion for the development of a business district along Daang Hari on the southern edge of Metro Manila, part of an initiative to expand operations that earn a recurring income stream.
In a statement, the Villar-controlled company said its Vista City project is an integrated urban development with lifestyle, retail, residential, office and leisure components.
The project, which was launched on Saturday, covers a total of 1,500 hectares at the junction of Muntinlupa and Las Piñas cities as well as the provinces of Cavite and Laguna.
“The aim is for Vista City to attract residents in the upper, mid-range and starter home categories, and a range of commercial locators, businesses including BPOs (business process outsourcing) and IT (information technology)-heavy sectors, health care entities, leisure facilities, and innovative educational institutions such as corporate universities and schools for new technologies,” Vista Land Chairman and former senator Manny B. Villar was quoted in the statement as saying.
When finished, the mall and retail component will have a total gross floor area of 120,000 square meters, including the first phase -- the existing Evia Lifestyle Center which occupies five hectares.
The second phase, Evia Global Village, will have an open-air retail promenade and is set to be completed later this year.
Aside from a planned hotel component, construction is also underway for the phase one of Vista Hub, which will cover 10 hectares and is targeted to be one of the most advanced business and IT parks in the country. It is expected to be operational by the second half of 2016.
The central business district project is also expected to generate employment for residents of Las Piñas, Parañaque and other parts of southern Metro Manila, as well as the province of Cavite.
Vista Land’s first-quarter net income rose 11% to P1.5 billion, while revenue grew 12% to P5.4 billion.
On Friday, Vista Land shares shed three centavos or 0.50% to close at P5.95. -- Daphne J. Magturo