MANILA, Philippines - Vista Land & Lifescapes Inc. has identified the new sites for the seven residential condominum buildings to be built this year under its flagship Camella brand.
In a statement, Vista Land said these new areas include New Manila, Cubao, Fairview, Taguig, Pasig, Sucat and Davao.
Six of the planned projects identified will be 5 to 10 story mid-rise buildings or MRBs, while one project will have a total of 15 floors and will be sold at unit prices ranging from P2 million to over P3.5 million.
This move, buoyed by continued strong demand for real estate properties, will further expand the group’s offerings in the residential real estate market.
Vista Land chief executive officer Benjamarie Serrano said the company launched around P20 billion worth of projects across the country, covering virtually all income segments.
“On top of our numerous subdivisions in 20 provinces around the country, we also have in our product portfolio several condominium developments ongoing in Makati, Fort Bonifacio, Ortigas and Quezon City, among others. Our early success has prompted us to be more aggressive and increase our presence in this segment of the market by launching several MRBs,” Serrano said.
The company had a landbank of not more than 1,650 hectares as of end-September last year, and plans to use some of this for future vertical projects.
Serrano said construction of MRBs usually takes about two years, typically shorter than for highrise buildings. Therefore, revenues are expected to be recognized much faster.
Vista Land claims it already has the widest presence in the Philippines among all the major property developers.
Serrano said the company intends to further enhance its competitive edge, with Camella’s track record and popularity being key competitive advantages, particularly among overseas Filipino workers (OFWs).
Real estate sales to OFWs are forecast to remain strong this year. In 2010, the Bangko Sentral ng Pilipinas (BSP) expected inward remittances to breach the $18-billion mark and are projected to grow another eight percent in 2011.
Vista Land is the holding company of five business units: Brittany, Crown Asia, Camella Homes, Communities Philippines, and its condominium development subsidiary, Vista Residences.
The company’s total consolidated assets as of September 2010 totaled approximately P56 billion while its capital expenditures last year exceeded P10 billion.