Vista Land inks 10-year lease with Puregold

MANILA, Philippines - Vista Land and Lifescapes Inc. has signed a 10-year lease agreement with Puregold Price Club Inc. covering around 2,350 square meters of land in one of its flagship projects, the Lakefront.

Puregold, a leading supermarket chain with nearly 70 branches across the country, will be a major locator at the 60-hectare Lakefront in Sucat, Muntinlupa with plans to open for business by the fourth quarter of 2011.

Vista Land president Benjamarie Therese Serrano said: “We are looking forward to building a mutually beneficial relationship with Puregold through this and other commercial transactions in the future.”

Puregold president Leonardo Dayao, for his part, said: “Puregold is pleased to have forged this agreement with Vista Land and we expect to further strengthen our business relationship by setting up stores in other key developments of Vista Land in the coming years.”

Vista Land has already completed several subdivision developments and buildings at The Lakefront over the last few years and recently announced the launching of mid-rise projects in the area.

Vista land and Puregold are currently exploring the possibility of signing similar lease agreements in other key projects under development by Vista Land, such as Evia in Las Piñas, Cavite, and Sta. Elena in Sta. Rosa, Laguna. Last year, the company disclosed that it had commenced plans to develop a significant leasing portfolio since many of its projects around the country have areas that are suitable for commercial purposes.

The company has earmarked over P45 billion over a three-year expansion program beginning this year, covering its four major masterplanned projects – Evia in the Alabang-Las Piñas area; Lakefront; 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.

Vista Land is the holding company of five business units: Brittany, Crown Asia, Camella, Communities Philippines and its condominium development subsidiary, Vista Residences. The company has the widest presence in the Philippines among all the major property developers.