Posted on November 04, 2015 10:16:00 PM
By Maya M. Padillo, Correspondent
DAVAO CITY -- Tycoon and former Senator Manuel B. Villar’s Vista Land and Lifescapes, Inc. will be ramping up its expansion in the Davao Region, with plans to launch 10 new projects next year.
A VIEW of Camella Northpoint in Davao City. -- http://www.northpointdavao.com
In an interview, Maribeth C. Tolentino, president of Vista Land unit Vista Residences, Inc., said the company is planning to build a boutique hotel that will be part of the commercial component of its existing Camella Northpoint condominium project in Davao City.
Estimated to cost P500 million, she said the hotel will be among the 10 projects that are targeted to be launched in the Davao Region in 2016.
Ms. Tolentino said the first three projects lined up for 2016 are the 175-hectare township development in Toril, located in the southern part of the city, another project in central Davao City, and a horizontal project in Tagum City, Davao del Norte.
“(These) will be our opening salvo for next year,” she said, adding they will consider more projects if there are “opportunities and demand.”
The Davao Region is expected to get a 15% share in Vista Land’s total capital expenditure budget for 2016, similar to this year.
“Davao will get 15% of the budget next year... Capex this year is about P4 billion and 15% of that goes to Davao Region,” Ms. Tolentino said.
Among Vista Land’s most recent projects in the region are horizontal developments in Panabo City and the municipality of Carmen, both in Davao del Norte province.
For Davao City, the company is currently working on two joint ventures (JV) for new vertical projects, including another medium-rise condominium and a high-rise building.
“We already have identified the area, but (the JV) talk is still ongoing so we still can’t discuss it,” she said.
Vista Land’s strategy now is to penetrate all major cities where there are opportunities and maintain their number one spot in the affordable housing segment, Ms. Tolentino said.
“Our business (plan) is to keep on buying lots to supplement our existing projects,” she said.