Vista Land gets P500-million credit facility from Security Bank

MANILA, Philippines - Vista Land and Lifescapes Inc., the country’s largest homebuilder, has obtained a P500-million three-year credit facility from Security Bank Corp.

In a statement issued over the weekend, Vista Land said the loan will primarily be used to fund its aggressive home-building program in key cities and provinces.

Vista Land earlier disclosed it would roll out over P7 billion worth of mid-rise buildings this year under its flagship Camella brand. Targeted for launch in the first quarter are in New Manila, Cubao, Fairview, Taguig, Pasig, Sucat and Davao.

“Vista Land appreciates the confidence and support shown by Security Bank in extending this loan. We expect to continue to build a mutually beneficial relationship with Security Bank through this and other commercial transactions in the future,” said Benjamarie Therese Serrano, chief executive officer of Vista Land.

For his part, Security Bank executive vice president and head of Corporate and Investment Banking Eduardo M. Olbes, said: “We are pleased to have been able to provide this credit facility to Vista Land and look forward to further strengthening our business relationship in the coming years.”

Six of the planned projects will be five to 10 storey MRBs while one will have a total of 15 floors and will be sold at prices ranging from P2 million to over P3.5 million.

As of end-September last year, Vista Land had more than 1,650 hectares of raw land and plans to use some of this for future vertical projects.

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 claims to have the widest presence in the Philippines among all the major property developers.