Vista Land to spend P10B for 8 condos
February 18, 2012 § Leave a comment
By ALBERT CASTRO
February 6, 2012
Vista Land and Lifescape Inc. expects to launch eight new condominium projects for the year, spending P10 billion.
The company said it was encouraged by the “success” of its forays into mid- and high-rise projects last year.
“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 Manuel Paolo Villar, president of Vista Land.
Villar said the developer is also eyeing five new areas for acquisition where the company intends to build high-or medium-rise residential projects.
Ricardo B. Tan Jr., chief financial officer, said Vista Land is also expanding two projects that will have a total value of P3 billion and P7 billion. In 2011, Vista Land launched seven vertical projects worth P6 billion.
“MRBs (medium-rise buildings) 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,” Villar noted.
The Bangko Sentral ng Pilipinas said funds sent home by Filipinos working and living overseas increased 10.6 percent to $1.78 billion in November 2011 from a year earlier. 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.
Vista Land’s existing MRBs include Pinecrest on Aurora boulevard and Madison in Cubao, Quezon City, Marfori and Presidio at Lakefront in Sucat, Pacific Residences in Taguig City, and Northpoint in Davao City.
Earlier, Vista Land said it is spending P32 billion for its subdivision projects.