Vista Land to add 1T units to residential projects in Cebu
January 26, 2013 § Leave a comment
VILLAR-led Vista Land & Lifescapes Inc. (Vista Land) is adding about 1,000 housing units to its existing residential developments in Cebu by 2013, a top official said over the weekend.
According to Camella operations head for Visayas Ma. Pamela Gako, 300 housing units will be added to their master-planned community in Talisay; 500 residential units in Carcar; and 500 units in Talamban.
Gako also announced the company’s plan to expand in Mactan for both horizontal and vertical developments.
She, however, declined to disclose the capital expenditure for the expansion but said it is “significant” and would generate more job opportunities in Cebu.
Last Saturday, the company launched new model house units of their Riverdale project in Pit-os, Talamban. Riverdale is a 15-hectare South American inspired residential development that sits on a 80-hectare master-planned community. It has about 200 units, of which more than 50 percent is already sold to a mix of local and OFW buyers.
Riverdale is Crown Asia’s project in Cebu that caters to middle-high market. Its house and lot units are priced from P3.5 million to P6 million.
Vista Land is the holding company of Villar’s five real estate business units: Britanny, Crown Asia, Camella, Communities Philippines and Vista Residences.
Gako said the company’s “aggressive” expansion in Cebu is buoyed by the province’s booming market, describing the city as being “the next to Manila” and its strategic location being a “jump-off” point for foreign guests and locals from Visayas and Mindanao.
She said the continued strong inflow of overseas remittances and easy bank financing schemes, complemented by low interest rates, also fueled the demand for housing, especially in provincial areas.
“We are now seeing a growing market that is already capable of owning houses,” Gako said, “Even if we are seeing a growing demand for condo units in the city proper, we are also seeing a growing market for horizontal projects where buyers opt to have their own gardens and land titles.”
Vista Land said in its latest disclosure to the stock exchange that sales in the third quarter reached over P10.1 billion, bringing the first nine months’ sales to P30.1 billion.
Vista Land chief executive officer Manuel Paolo Villar said they are optimistic to hit the full year sales and revenue targets despite the continued global market uncertainties.
For nine months, Vista Land real estate revenues reached P12.1 billion while its net income is P3.2 billion. Early this year, the company announced they were targeting about P4.2 billion in earnings and approximately P40 billion in sales for 2012.
The company’s average sale per quarter is P10 billion.
Villar said most of the sales come from the Camella brand. The company expects strong sales performance in the middle-low segment as it continues to become robust in the year ahead.
Published in the Sun.Star Cebu newspaper on December 11, 2012.