Villar property arm doubles capex for new Cebu projects

CEBU, Philippines - The Villar Group of companies, led by its property development arm — Vista Land and Lifescape Inc., is going to double its capital expenditure for projects in Cebu.

The company, which spent over P15 billion worth of projects in the last 10 years, is going to double its capex banking on the irresistible economic growth and potential in the province, specifically in real estate, commercial. retail, and tourism, said the Group's chairman Manuel "Manny" Villar.

Villar was in Cebu Wednesday to formally announce the company's entry to Cebu's condominium development sphere, through the P4 billion Vista Suarez Cebu towers.

Its entry to condominium development, although considered a little late, is the company's gesture of strong confidence in the promising real estate sector here.

"I don't believe that Cebu will suffer a glut [after two years]," said Villar explaining that the suspected surplus of property products, including condominium is mainly "speculative,"

The twin-tower "Vista Suarez Cebu,", that will be developed by the Group's subsidiary, Vista Residences, will provide over 1,000 condominium units, more than half of which will be offered via condotel concept.

 This new project, which will also host several commercial spaces, will rise just right beside the Camella Homes' headquarter office in Cebu at Gorordo Avenue.

 According to Villar, the company is also currently negotiating with several land owners in the neighboring lots to pursue the company's plan to expand the number of towers to be built within the area.

 The former Senator said that politics will have to take a backseat as he focuses on his business. He added that the company is also scouting for available (for sale) properties with good locations in Cebu to build more condominium projects here.

Aside from capitalizing on the good market potential of condominium market in Cebu, Vista Residences' entry here is mainly to complete its portfolio having been in the horizontal residential projects (Camella Homes, Crown Asia), retail development (StarMall), and memorial park facility--Golden Haven.

 In the last 25 years, the Villar Group already built 6,000 homes with total area development of 280 hectares, in Cebu.

  At present, Villar's company has more or less 50-hectare landbank located in different areas in Cebu. However, he emphasized that the company is actively looking for more properties for acquisition

 The country’s largest homebuilder, Vista Land is recognized for its themed and master-planned communities and its brands namely, Camella Homes, Crown Asia, Brittany and Vista Residences, that offer quality housing across all market segments.

 To date, the company is present in 92 cities nationwide. Cebu is one of the company's focuses in terms of expansion, Villar concluded. (FREEMAN)