MANILA, Philippines — Vista Land & Lifescapes Inc., the listed property developer of the Villar Group, has added BDO Capital and Investment Corp. as one of the underwriters for the company’s P5 billion preferred shares offering this year.
In a stock exchange filing, Vista Land said it has engaged BDO Capital to serve as one of the joint issue managers, joint lead underwriters and joint bookrunners for the offer and sale of up to 50 million Series 2 preferred shares of the company.
The underwriting syndicate for the offer now consists of BDO Capital, China Bank Capital Corp. and SB Capital Investment Corp.
The shares will be offered at a price of up to P100 apiece, with the issuance targeted sometime this month or next month.
Through six distinct business units, Vista Land operates its residential and commercial property development business.
Camella Homes, Communities Philippines, Crown Asia, Brittany and Vista Residences are focused on residential property development, while Vistamalls is involved in commercial property development.
The company has over 100 investment properties consisting of 42 malls, 56 commercial buildings and seven office buildings.
For 2024, Vista Land has allocated P30 billion in capital expenditures to boost its residential offering and expand its land bank.
A big chunk or 98 percent of this year’s capex budget will be used for its residential units’ construction and land development, while the remaining two percent will be for land acquisition as well as investment properties construction.
The company said it is committed to optimize its resources, especially its extensive land assets through Vista Estate developments, as well as enrich its portfolio with premium projects such as Brittany and Crown Asia, catering to the upscale market.
Further, Vista Land aims to solidify its foothold in the horizontal residential market with launches in several areas, specifically in the provinces.