MANILA, Philippines - Even as land becomes more scarce in Metro Manila’s commercial and business centers, people still want to live close to all the action.
Thus Vista Residences, the condominium builder of the Villar family’s Vista Land & Lifescapes Inc., is taking advantage of the large demand for urban living through its high-rise developments catering to the investor market.
“We are into the expansion of residential condominiums because we saw the success of the likes of Laureano di Trevi, Mosaic and other buildings,†Vista Residences president Marbeth C. Tolentino said in an interview.
“So far, we are planning to put up some within the universities. We already have one in De La Salle University, Ateneo de Manila University and University of Sto. Tomas,†Tolentino said.
Most of Vista Residences’ buyers are investors wanting to park extra cash in the real estate sector, expecting to make money from leasing or re-selling.
“We saw the trend that most buyers we got were investors especially when the Philippine economy grew,†Tolentino said.
Vista Residences has 10 ongoing projects and three more residential buildings are in the pipeline in Metro Manila.
The residential brand plans to launch a condominium project in Cagayan de Oro, marking its first high-rise development foray outside of Metro Manila, Tolentino said.
To date, an increasing number of employees are opting to live closer or even within commercial and business districts.
“Their dwelling of choice has become a condominium unit primarily because of their relatively low maintenance, 24-hour security and close proximity to their workplaces resulting in shorter daily commutes,†Tolentino said.
One of the successful condominium projects of Vista Residences is the Laureano di Trevi Towers, a three-tower development that offers residential and commercial units.
The P3-billion project was launched in 2007 as an answer to the growing demand for high-rise residences, with the first tower already sold out in the same year of its introduction.
Last week, Vista Residences topped off the project’s last tower, which is scheduled for delivery in December 2014.
“Most of the buyers are investors. There are overseas Filipinos from the US and Dubai,†Tolentino said.
Families of overseas Filipinos found the condominium units as a good investment given its proximity to businesses and schools in Makati, the country’s financial capital, Tolentino said.
Units in Towers 2 and 3 are enjoying brisk demand while buyers have already moved into the Tower 1. Laureano di Trevi Towers is situated along Chino Roces Ave. (formerly Pasong Tamo) in Makati.
Tower 1 has 28 storeys and is now ready for occupancy while Tower 2 and 3 is composed of 37 and 24 levels, respectively. Single-bedroom units range from 20-31 square meters (sqm) while a combined two-bedroom unit is 40 sqm worth P1.9 million to P4 million.
“Those who choose Laureano di Trevi Towers as their home will discover that the important developments and conveniences found in Makati City are practically a stone’s throw away,†Vista Residences said.
Tolentino said Vista Residences has a property manager that helps investors.
“If you want to invest, you can enroll the unit to us so we can lease it,†Tolentino said.
Since starting operations in 1996, Vista Residences has lined up a portfolio of 23 condominium developments either underway or ready for occupancy.
In the first quarter, Vista Residences accounted for five percent of Vista Land’s P16.33 billion revenues. Other brands of Vista Land are Communities Philippines, Camella, Crown Asia and Brittany.
To date, Vista Land is present in 31 provinces and 63 cities and municipalities around the country. In the past 35 years, Vista Land has completed more than 250,000 housing units.