Las Pinas–(PHStocks)–With the success of forays into mid- and high-rise projects last year, top home builder Vista Land & Lifescapes (PSE: VLL) is aiming to launch eight more vertical residential condominiums 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 Vista Land President and CEO Manuel Paolo A. Villar.
He added that they are also eyeing five new areas for acquisition where the company intends to build high or medium rise residential projects.
Vista Land chief financial officer Ricardo B. Tan, Jr. said they are expanding two projects that will have a total value of P3 billion and P7 billion for six new projects. In 2011, Vista Land launched seven vertical projects worth P6 billion.
Villar said the launch of Camella Condo Homes was a strategic move aimed at leveraging on the success of Vista Land’s Camella Homes in the horizontal residential sector.
He noted that “MRBs share similarities with horizontal residences, and are a logical alternative for our buyers, many of them OFWs who consider owning a home a top priority.”
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. Money sent home by the more than 8.5 million Filipinos living overseas is equivalent to about 10 percent of the economy and helps support home and property sales.
The existing MRBs 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.