February 06, 2012
Business Mirror
By Miguel Camus
Posted at 02/06/2012 7:32 AM | Updated as of 02/06/2012 7:32 AM
MANILA, Philippines - Listed Vista Land & Lifescapes Inc., the Philippines’ biggest horizontal homebuilder, is expanding its residential condominium segment as oversupply concerns start to ease given the country’s massive housing backlog.
In a statement, Vista Land said it plans to launch eight residential condominiums this year with a total project value of P10 billion.
“Despite fears of over-expansion in the supply of residential condominiums, our vertical projects were well received by the market and this has encouraged us to develop additional phases of existing projects,” said President and Chief Executive Officer Manuel Paolo Villar.
Vista Land is eyeing five new areas for acquisition where the company intends to build high rise or medium-rise residential projects.
Chief Financial Officer Ricardo Tan Jr. said they are expanding two projects valued at P3 billion with another P7 billion to come from six new projects. In 2011, Vista Land launched seven vertical projects worth P6 billion, the statement showed.
Following Vista Land’s strategy, Villar pointed out that vertical projects are aimed at overseas Filipino workers, which account for more than 60 percent of Vista Land’s sales.
The Bangko Sentral ng Pilipinas said funds sent home by Filipinos working and living overseas increased 10.6 percent in November 2011 from a year earlier to .78 billion.
Existing medium-rise projects include Pinecrest on Aurora Blvd. and Madison in Cubao, Quezon City, Marfori and Presidio at Lakefront in Sucat, Pacific Residences in Taguig City, and Northpoint in Davao City.
Vista Residences serves as the vertical development arm of Vista Land. It markets its horizontal projects under the Brittany, Crown Asia, Camella and Lessandra brands.
Vista Land shares declined 0.32 percent to P3.13 each on Friday’s trading, giving the builder a market value of P26.6 billion.
http://www.abs-cbnnews.com/business/02/05/12/vista-land-start-eight-condo-projects-year
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Vista Land to spend P10B for 8 condos February 06, 2012 Vista Land and Lifescape Inc. expects to launch eight new condominium projects for the year, spending P10 billion. Read More >> |
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Vista Land to start construction of eight condominiums in 2012 February 06, 2012 VILLAR-LED Vista Land & Lifescapes, Inc. plans to start work on eight condominiums worth P10 billion this year, banking on continued demand from overseas Filipino workers. Read More >> |
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Aussie fund acquires 5% of Vista Land February 02, 2012 An Australian investment fund manager has acquired minority interest in Vista Land & Lifescapes Inc., a company owned by the family of Senator Manuel Villar. Read More >> |
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Fund ups stake in Vista Land February 02, 2012 AUSTRALIAN fund manager Platinum Investment Management Ltd. increased its stake in listed developer Vista Land & Lifescapes Inc. to 5.02 percent as of January 20. Read More >> |
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Vista Land launching 32 residential projects in ’12 January 30, 2012 Vista Land and Lifescapes Inc., the property company owned by Senator Manuel Villar, is launching 32 subdivision projects worth P32 billion this year in a bid to cement its position as the country’s leading house and lot developer. Read More >> |
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