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

Vista Land allots P1 billion for Davao project

Posted on February 08, 2016 07:53:00 PM [ ]
By Carmelito Q. Francisco, Correspondent

DAVAO CITY -- Leading homebuilder Vista Land and Lifescapes is spending P1 billion for the initial development of its first township project here, combining its flagship Camella brand with its low-cost Lumina Homes.

Within the first quarter, the company is set to start land preparation and common infrastructure work on the 100-hectare (ha) property located in Toril District in the southern side of the city.

“We hope that our entry in Toril will spur more the developments in the area,” Marlon Nino B. Escalicas, Camella Communities manager for Southern Mindanao, told BusinessWorld.

Part of the property is situated along the national highway, but a bigger portion, where the housing area will be located, leads to a mountainous terrain.

The project, which will also have commercial components, will be near a planned new circumferential road.

“This is also in consonance with our vision for dispersed development,” Mr. Escalicas added.

The local government has been luring investors to look at prospects in the city’s emerging growth areas such as Toril, where investment incentives have also been sweetened.

Ivan C. Cortez, chief of the Davao City Investment Promotion Center, earlier said entry of housing developers in areas outside the city proper will help other locators consider the potential of these sites.

“Housing projects serve as a magnet for other developments,” said Mr. Cortez.

Mr. Escalicas said combining the socialized Lumina Homes with the Camella Community is expected to help to expand Vista Land’s reach in the Davao market.

The final plan is still being finalized, he added, but Camella will initially develop 20 ha of the township.

Meanwhile, the company is also expanding its 27-ha housing project in Communal, located in the northern side of the city and close to the Davao International Airport.

Mr. Escalicas said the company has decided to add another six hectares, as about 90% of the first 1,100 lots have already been sold.

“We have a good reception of our project in that area,” he said.

Marketing Manager for subdivisions Anna Mae M. dela Peña said the company is also introducing their Grande brand in the project, following market demand.

Under the Grande brand, housing units with a floor area of 110 square meters are priced at about P5 million.

Other units within the Communal portfolio are Lessandra, sold between P750,000 and P1.7 million; Camella, P1.7 and P3.5 million; Crown, starts at P4 million; and Luxuria, P7 million.

real estate central philippines
Copyright ©2008-2018