By Richmond S. Mercurio (The Philippine Star) | Updated September 22, 2014 - 12:00am
MANILA, Philippines - After mastering the business of affordable housing, the Villar Group is now moving in the upward direction with vertical residential developments to further boost its real estate business.
In an interview with reporters over the weekend, Vista Land & Lifescapes Inc. chairman Manuel B. Villar Jr. said the company will be opening more residential condominiums in the future through its condominium arm Vista Residences.
“Housing, we are used to that already. We have shifted from just being an affordable housing developer. We will still be focused on affordable housing, that would be our bread and butter, but I see that going forward we will be busy in condominiums,” Villar said.
Villar said the company will try to take advantage of Filipinos who prefer investing in condominium units instead of the traditional house and lot.
“Condominiums will not go away, whether there will be a glut or not it will not go away because there are many people who prefer condominiums,” he said.
Vista Residences currently has a portfolio of 16 condominium developments which are either underway or ready for occupancy.
One of the company’s prime condominium developments underway is Vista Shaw, a two-tower development with a project value of P3.2 billion set to rise along Shaw Boulevard in Mandaluyong City.
The two-tower project sits on a 6,386-square meter of real estate. Each tower will be composed of 38 floors with about 600 to 700 units in it.
Full-swing construction for the first tower is on the way with its recent groundbreaking held last Aug. 29.
Villar said Tower 1 is already 55 percent sold to date and is expected to be fully sold by year-end.
Turnover date of the first tower is eyed by 2018, Villar said.
Vista Shaw features its own commercial complex as well as a contemporary design and modern-day amenities.
“In our vertical developments, we make it a point that every unit exudes a warm, homey feeling through the design and the functionality units as well as in the amenity areas. We don’t want our clients to feel that they are living in a box, compromising their sense of comfort. In addition, we make sure that our brand of customer
also extends that warm and friendly Filipino treatment,” said Vista Residences division head Elizabeth M. Kalaw.
Vista Land, the country’s largest homebuilder, already has residential housing developments in 34 provinces and 74 cities and municipalities around the country. The property firm has completed more than 250,000 housing units in the past 38 years.