Vista Land allots P2B for 3 housing projects

By Zinnia B. Dela Peña (The Philippine Star) Updated July 25, 2012 12:00 AM

MANILA, Philippines - Vista Land & Lifescapes Inc. is setting aside more than P2 billion for three projects along the country’s so-called tourism highway, which should translate to a total of 2,400 housing units.

In a statement, Vista Land said the residential projects will cover a total of 34 hectares of land located in prime tourist destinations –-Vigan, Tagbilaran and Puerto Princesa. The company expects to generate around P5 billion in sales from the units.

All three projects are under the Camella brand, the flagship of the Vista Land group and among the 32 residential subdivisions to be launched by the company this year.

The project in Vigan sits on a 15-hectare property in Bgy. Cabaroan in Bantay town at the heart of the city, where Plazas Salcedo and Burgos, the St. Paul’s Cathedral and the nearby Calle Crisologo and Plaridel Street are the favorite tourist spots.

Camella Homes Tagbilaran, on the other hand, will rise in Bgy. Bool with a rolling terrain that rises gently to the foot of Banat-i Hill, the city’s highest point at about 150 meters above sea level, providing a priceless view of the Mindanao Sea.

Camella Puerto Princesa, meanwhile, makes for an idyllic living space for those who put great premium on vacationing or retiring in clean and green surroundings, with the beaches and resorts just two kilometers away.

Vista Land president and chief executive officer Manuel Paolo Villar said the company is now the number one property developer in terms of geographical reach, spanning 28 provinces and 58 cities and municipalities throughout the country.

“We have by far the broadest geographic reach of any developer with a land bank of 1,830 hectares,” Villar said.

Vista Land’s land bank includes properties in key tourist areas that are now being developed in line with the government’s tourism drive.

Vista Land, the holding firm for most of the property firms owned by the family of Sen. Manuel Villar, is confident of delivering profit growth of at least 20 percent this year to reach P4.2 billion. Sales are likewise forecast to rise to P16 billion by year end.