Vista Land to Launch P32-B Worth of Horizontal Projects in 2012
Las Pinas–(PHStocks)–Vista Land & Lifescapes Inc. (PSE: VLL) is launching 32 residential subdivision projects nationwide in 2012 with a total project value of P32 billion to further solidify its record as the country’s runaway leader as house and lot developer.
“Demand for our house and lot packages is very strong since studies have shown the Vista Land brands, including Camella, remain the most preferred by home buyers. Thus, we are strengthening our presence in existing areas while expanding our reach further by entering new markets,” said Vista Land President and CEO Manuel Paolo A. Villar. He said Vista land will open 20 expansion projects from existing areas around the Philippines to keep up with brisk sales of house and lot packages that have been launched earlier.
Villar added that the firm will also launch horizontal developments in 12 areas that it will be entering for the first time since there is a need for more affordable housing units. He also said that Vista Land is entering provinces because many overseas Filipino workers come from these areas and intend to buy homes for their families there.
“OFWs continue to be Vista Land’s strongest market and we intend to further cement our reputation as the runaway leader in this segment,” he said, noting that OFWs from Europe, Middle East and Asia account for about 55% of the firm’s reservation sales while 5 to 10% of sales uptake is by US-based Filipinos.
Vista Land Chief Financial Officer Ricardo B. Tan, Jr. said that sales in both new and expansion areas last year were on target. Vista Land’s horizontal business is marketed under the Brittany, Crown Asia, Camella and Lessandra brands that have made it the undisputed leader in house and lot sales. It has recently entered the vertical side of the property business under Vista Residences, which uses the Camella Condo Homes brand.
As of 2011, Vista Land launched 23 projects worth a total of P21 billion, 16 of which are horizontal projects. We also added 8 new areas for the year.