MANILA, Philippines - Listed Vista Land & Lifescapes Inc., the Philippines’ biggest horizontal homebuilder, is expanding its residential condominium segment as oversupply concerns start to ease given the country’s massive housing backlog.
In a statement, Vista Land said it plans to launch eight residential condominiums this year with a total project value of P10 billion.
“Despite fears of over-expansion in the supply of residential condominiums, our vertical projects were well received by the market and this has encouraged us to develop additional phases of existing projects,” said President and Chief Executive Officer Manuel Paolo Villar.
Vista Land is eyeing five new areas for acquisition where the company intends to build high rise or medium-rise residential projects.
Chief Financial Officer Ricardo Tan Jr. said they are expanding two projects valued at P3 billion with another P7 billion to come from six new projects. In 2011, Vista Land launched seven vertical projects worth P6 billion, the statement showed.
Following Vista Land’s strategy, Villar pointed out that vertical projects are aimed at overseas Filipino workers, which account for more than 60 percent of Vista Land’s sales.
The Bangko Sentral ng Pilipinas said funds sent home by Filipinos working and living overseas increased 10.6 percent in November 2011 from a year earlier to $1.78 billion.
Existing medium-rise projects include Pinecrest on Aurora Blvd. and Madison in Cubao, Quezon City, Marfori and Presidio at Lakefront in Sucat, Pacific Residences in Taguig City, and Northpoint in Davao City.
Vista Residences serves as the vertical development arm of Vista Land. It markets its horizontal projects under the Brittany, Crown Asia, Camella and Lessandra brands.
Vista Land shares declined 0.32 percent to P3.13 each on Friday’s trading, giving the builder a market value of P26.6 billion. (Miguel Camus)