MANILA, Philippines - Vista Land, the country’s largest home builder, is on track with the development of its P50 billion Vista City, which will have an IT hub as well as commercial, retail and residential developments.
The flagship Vista City is located in the Southern Manila West Growth Area, covering parts of Las Piñas, Muntinlupa and Cavite on the west section of the South Luzon Expressway (SLEX). The area is said to be the new millionaires’ row in Southern Metro Manila.
Vista City’s IT space Ecohub, located along Daang Hari, is expected to become one of the most advanced business and IT parks in the country.
This area would have several office towers that will be devoted to commerce and business process outsourcing industry, Vista Land said.
The first phase of the project, which covers 10 hectares, is already underway while the University Town will be the future location of prestigious colleges in the south of the Metro.
As part of the development, Vista Land is also expanding the Evia, which is Vista City’s commercial, retail and entertainment complex.
Evia offers a selection of stores and dining establishments and entertainment complex with bars, quaint coffee shops and other famous restaurants similar to that of the Venetian Macau. It will also have movie theaters with 4D cinemas and which will be completed soon.
These are in addition to Vista Land’s existing and ongoing projects for the high-end market at the emerging millionaires’ row.
These include Crown Asia’s Ponticelli, Camella Cerritos and the recently launched Camella Carson which are complimented by the Italian-themed homes at Brittany’s multi-awarded Portofino and Amore at Portofino, two of the high-end residential communities within Vista City.
Vista Land said its flagship Vista City project is right at the heart of the emerging millionaires’ row.
In its study published in late 2014, real estate research firm Cuervo Far East projected property prices in the area to double in five years, with high-end residential lots reaching about P100,000 per square meter by 2019.
Based on data from the Bureau of Internal Revenue, land values in selected high-end villages increased from as low as P14,000 per sqm. in 2009 to as high as P62,000 per sqm in 2014.
The study likewise noted the various infrastructure projects that would boost accessibility and connectivity between the Southern Manila West Growth Area and Metro Manila. These include the Manila-Cavite Expressway, SLEX-Daang Hari Road, Muntinlupa-Cavite Expressway and the Cavite-Laguna Expressway.
The new Daang Hari South Luzon Expressway or Muntinlupa-Cavite Exit (MCX), which recently opened, is right smack into Vista City. At the same time, the existing SLEX exits in Alabang ang Filinvest are also near Vista City, which provide alternate access exit points.