MANILA, Philippines - Vista Land and Lifescapes Inc., the holding firm for most of the real estate assets of the family of Sen. Manuel Villar, is shifting into high gear with over P45 billion earmarked for capital expenditures under a three-year expansion program beginning 2011.
The move is part of a major push to fasttrack the development of four of the company’s major masterplanned projects – Evia in the Alabang-Las Piñas area; Lakefront in Sucat, Paranaque; Sta. Elena in Sta. Rosa, Laguna; and Crosswinds in Tagaytay.
The company has been on a solid, steady growth path in recent years and intends to capitalize on one of its key competitive advantages - a large, strategically located land bank within the Mega Manila area.
“We are in the midst of an aggressive expansion program which will entail significant capital expenditures over the next three years and beyond,” said Benjamarie N. Serrano, chief executive officer of Vista Land.
The Italian-inspired masterplanned community, Evia is located on a 600-hectare sprawling property which is home to three residential estates. New developments include retail and commercial gateways, designated office blocks and BPO centers, University Town, a church and hospital.
At present, commercial hubs including food strips, gasoline station and service outlets are steadily growing in the area. The company has leased out a large parcel of land to Fernbrook Gardens, the most desired wedding venue South of Manila known for its Victorian and Russian-influenced banquet halls and facilities.
Meanwhile, the 60-hectare Lakefront property in Sucat has the advantage of strategic access and exit points: from the South Luzon Expressway (Sucat Toll and via the Bicutan Service Road), ML Quezon Road that leads to the Taguig City Proper and now via the Skyway which exits to Sucat.
The company’s Sta. Elena development in Sta. Rosa, and Crosswinds in Tagaytay are also in full swing. Brittany’s American South-themed Georgia Club subdivision in Sta. Rosa boasts numerous century-old trees and a bird sanctuary.
Vista Land and Hospitality International recently signed an agreement to offer serviced apartments.
Paolo Villar, chief financial officer at Vista Land, said the firm’s aggressive expansion will be funded by internal cash, bank borrowings and other forms of debt.
“Our firm’s balance sheet is solid and we have sufficient room to lever up. We will evaluate various financing options available to the company and decide on the most suitable, cost-effective method of funding at the appropriate time,” he Villar said.
The company recently raised $100 million through an international bond issue and had obtained a three-year, P500 million loan from Security Bank.
Vista Land is the holding company of five business units, Brittany, Crown Asia, Camella Homes, Communities Philippines and its condominium development subsidiary, Vista Residences.