By Jenniffer B. Austria | Apr. 15,
2014 at 12:01am [ manilastandardtoday.com ]
Vista Land & Lifescapes Inc. of
the Villar Group will spend P7 billion to develop commercial projects of
low-end housing unit Communities Philippines Inc. in Davao, Iloilo and Cagayan
de Oro cities.
Vista Land said in a registration
statement filed with the Securities and Exchange Commission for its P5 billion
worth of bonds it earmarked P3 billion for projects in Iloilo, P2 billion for
Davao and another P2 billion for Cagayan de Oro.
Vista Land said it would use the
proceeds from the planned P5-billion bond offering to partially finance the
commercial developments of Communities Philippines and its subsidiaries.
Vista Land earlier said it would issue
P3 billion in five and seven-year fixed rate retail bonds with an overallotment
of up to P2 billion.
The company set the offering period
for the bonds on April 28 to May 2 and plans to list them with Philippine
Dealing & Exchange Corp. The bond listing is tentatively set on May 9.
The board of Vista Land last week
agreed to make an offer to redeem ahead of maturity $150.34 million worth of
debt notes due in 2015.
The board also approved the issuance
of new notes by wholly-owned unit Vista Land International Inc., subject to
terms to be approved by the management and market conditions.
Vista Land is one of the leading
property developers in the low-cost and affordable housing market segments. It
has built more than 250,000 homes located in 34 provinces and 73 cities and
municipalities throughout the Philippines.
It caters to practically all income
segments of the real estate market through its four brands—Camella, Crown Asia,
Brittany and condominium developer Vista Residences.
Vista Land plans to launch P28 billion
worth of residential projects this year, mostly for the low-income and
affordable segments of the market as it expects demand for low and affordable
housing projects to remain robust in the next few years.
It has increased its capital spending
this year to P21 billion, up 22 percent from P17.2 billion in 2013, mainly for
land acquisition and development and construction.
Vista Land in 2013 posted a record net
income of P5.1 billion, up 15 percent a year ago, while revenues from real
estate also reached a record of P20 billion, up 23 percent from P16.3 billion in 2012.
Reservation sales in 2013 grew 15
percent to P46.1 billion.
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