Vista Land launches new subsidiary for mid-rise condos

ABS-CBN News

Posted at Jan 27 2011 01:25 PM | Updated as of Jan 27 2011 09:25 PM

MANILA, Philippines - Vista Land and Lifescapes Inc., the property arm of the Villar family, is launching P7 billion worth of projects under its new brand, Camella Residences, which will focus on the mid-rise condominium segment.

“The launch of Camella Residences is another strategic move that leverages on the success of Vista Land’s Camella Homes in the whole residential sector, which in the past has been largely horizontal,” Vista Land chief executive and president Benjamarie Serrano said in a statement.

She explained that the mid-rise projects are "a logical alternative for our buyers, many of them OFWs, who consider owning a home a top priority."

Serrano disclosed that Vista Land plans to start within the year 7 new projects under Camella Residences in key urban locations. These projects are in addition to 6 existing mid-rise developments worth P7.6 billion that are part of Vista Land's current portfolio of 22 vertical developments totaling P12.5 billion.

Compared to high-rise condominiums, Serrano said mid-rise projects are more cost-efficient because they can be turned over within 2 years, while the former requires at least 5 years for completion. Mid-rise buildings can also be built on one to 4 hectares of land, while house and lot projects need at least 10 hectares.

"We are confident that Camella Residences will be a significant factor in the growth of Vista Land and the industry’s vertical homes category,” Serrano said.

"We will be profitable in that niche," she added.