Camella eyeing more properties to develop
February 9, 2012 § Leave a comment
MONDAY, 06 FEBRUARY 2012 00:07
Camella Communities, the subsidiary of the publicly-liste Vista Land Co., is looking at dominating the property development market in this part of the country as it scouts for more properties to
The company, which is implementing two big projects in the city, has already been negotiating with some landowners, although company manager Marlon Nino B. Escalicas said all these negotiations are still in the initial stages.
“Our plan,” Escalicas said, “is to develop projects both in the southern and northern parts of the city.” He took note that these new projects will take place as soon as the negotiations are finalized. “We want to immediately start these projects as soon as possible,” Escalicas said, pointing out that
both two ongoing projects – the Cerritos in Mintal and the Northpoint in Bajada – are already 60% sold.
Cerritos, a 15-hectare project named after a place in Southern California, will have a mall component, the Star Mall. Escalicas said the company is planning this year to build the mall.
The other project, the condominium Northpoint, already has three of the five buildings, with the fourth building also to be constructed this year.
“We still bullish with the market here,” said Escalicas, adding that last year was an unprecedented last year as its revenues increased by 70% compared with the previous year, although he did not mention the actual revenue as this was the policy of the mother company.
Escalicas said the company’s plan to put up more project is anchored on the continued entry of big companies willing to invest in the city, particularly mall developers Ayala Land Inc. and SM
The Ayala’s Abreeza, its joint venture with Anflo Management and Investment Corp. opened mid last year, while SM’s second mall, SM North, is expected to open in the first half of this year.
His company, he added, is going fullblast even when the city government decided to suspend the incentives granted to property development.