Vista Land to launch P10-billion condo projects
February 18, 2012 § Leave a comment
Listed home builder Vista Land and Landscapes Inc. is set to launch eight more vertical residential condominiums with a total project value of P10 billion with the success of forays into mid- and high-rise projects last year.
Vista Land president and CEO Manuel Paolo Villar noted that their vertical projects were well received by the market and this has encouraged them to develop additional phases of existing projects despite fears of over-expansion in the supply of residential condominiums.
He added that they are also eyeing five new areas for acquisition where the company intends to build high or medium rise residential projects.
Meanwhile, Vista Land CFO Ricardo Tan Jr. said they are expanding two projects that will have a total value of P3 billion and P7 billion for six new projects. In 2011, Vista Land launched seven vertical projects worth P6 billion.
Villar said the launch of Camella Condo Homes was a strategic move aimed at leveraging on the success of Vista Land’s Camella Homes in the horizontal residential sector.
He noted that “MRBs share similarities with horizontal residences, and are a logical alternative for our buyers, many of them OFWs who consider owning a home a top priority.”
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 $1.78 billion.
Money sent home by the more than 8.5 million Filipinos living overseas is equivalent to about 10 percent of the economy and helps support home and property sales.
Danessa O. Rivera