Vista Residences allots P9 B for condo projects

MANILA, Philippines - Vista Residences, the condominium developer of the country’s largest homebuilder, is planning to spend nearly P9 billion to expand its portfolio of residential towers outside Metro Manila.

New high-rise condominiums are planned in Cebu and Iloilo while a medium-rise building will be put up in Tagaytay, a company executive said.

Vista Residences president Maribeth Tolentino said they are looking at up to 11 new projects: six buildings in Iloilo, three to four towers in Cebu and one medium-rise development in Tagaytay.

“[Construction cost for] one high-rise building in the province, around 30 storeys, is P800 million,” she said.

Parent firm Vista Land & Lifescapes Inc. already allotted two hectares of a 300-hectare mixed-use property in Iloilo to Vista Residences, Tolentino said.

The two-hectare property can accommodate six medium-rise developments, she said.

Vista Land’s current project in Iloilo is the Savannah City development, which features brands like Camella Homes, Crowne Asia and Brittany.

For Cebu, Vista Residences is still looking at several lots but there are plans to put up three to four high-rise residential towers.

“We are looking at many offers for high-rise projects,” Tolentino said. Vista Land’s projects in Cebu are mostly horizontal properties located in Talisay, Talamban, Carcar and Mactan.

Closer to Metro Manila, Vista Residences will be launching a five-story, three-building development in Tagaytay.

The one-hectare project, which will require P800 million for construction cost, will offer two-bedroom units and is expected to generate P1.5 billion in total sales.

Tolentino said Vista Residences can acquire adjacent lots to increase the Tagaytay landbank to six hectares.

Vista Residences’ provincial expansion is simultaneous with its new projects in Metro Manila.

“Of course we will not let go of Metro Manila. We will soon go to Quezon City again,” Tolentino said, adding that high-rise projects will be pursued in prime lots near universities. Vista Residences has 10 ongoing projects and three more residential buildings are in the pipeline in Metro Manila.

Despite the aggressive expansion, the Villar family’s property developer will continue to be a major horizontal homebuilder, said Brian Edang, investors relation head of Vista Land.