MANILA, Philippines - Villar-led property developer Vista Land & Lifescapes is spending P2 billion to develop residential projects in key tourist destinations - Vigan, Tagbilaran and Puerto Princesa.
Vista Land president and CEO Manuel Paolo Villar said it is launching the 3 projects in Vigan in Ilocos Sur, Tagbilaran in Bohol, and Puerto Princesa in Palawan. This is part of the company's expansion plans in the provinces.
"We have by far the broadest geographic reach of any developer with a land bank of 1,830 hectares," he said, in a statement.
The 3 projects are under the Camella brand. The projects involve the construction of 2,400 housing units, with an estimated market value of P5 billion.
Camella Homes Tagbilaran is located in Barangay Bool, near the foot of Banat-i Hill and has a view of the Mindanao Sea.
In Vigan, the Camella Homes project is on a 15-hectare property in Barangay Cabaroan, Bantay town. It is located near Plaza Salcedo, St. Paul's Cathedral and Calle Crisologo.
Camella Homes in Puerto Princesa is located just two kilometers away from beaches and resorts.
Vista Land's land bank now includes properties in tourist areas around the country. The company already has projects in 28 provinces and 58 cities and municipalities around the Philippines.
In 2011, the company launched 23 projects worth a total of P21 billion.
This year, Vista Land, a company owned by the family of Senator Manuel Villar, is planning to spend P15 billion in capital expenditures. Aside from Camella Homes, Vista Land's other brands are Brittany, Crown Asia, Communities Philippines and Vista Residences.