Tuesday, 13 April 2010

Vista Land launches low-rise projects


VISTA LAND and Lifescapes, Inc., the listed property holding firm led by presidential candidate Manuel B. Villar, Jr., has launched two low-rise condominium projects worth P1.855 billion.

The two new low-rise condominium units in Quezon City will add to the portfolio of “vertical homes” unit Vista Residences, the property developer said in a statement yesterday.

Higher demand in highly urbanized areas is expected to increase sales and profits of the company, said Benjamarie Therese N. Serrano, president and chief executive of Vista Land.

The P1.5-billion Pine Crest, which is composed of one 10-storey and two five-storey buildings, was launched last February.

It is located on an 8,000-square-meter site at the corner of Aurora Boulevard and Balete Drive in Quezon City’s New Manila district.

A separate building will be allotted for recreational facilities like a swimming pool, a gym, and game and function rooms, Vista Land said.

“Since the projects are low-density, delivery of completed buildings is faster. Unit owners benefit from early turnovers,” Ms. Serrano said.

Furthermore, the eight-storey Madison Place, which is ready for occupancy after its completion last December, has a project value of P355 million. It is located at the Mariposa Loop near Santolan Avenue.

Ms. Serrano said the project is ideal for entrepreneurs due to its proximity to Metro Manila’s business hubs.

Amenities include swimming pools for adults and children, a gym, and a game room.

“There is an upward trend in demand for condominium residences in highly urbanized Mega Manila, where land is scarce and lifestyle needs are changing,” Ms. Serrano said.

“This demand means more potential for revenue and profitability, as sales in the segment continue to grow,” she added.

The Villar-led Vista Land started constructing vertical homes three years ago. Vista Residences handles the marketing and sales of condominium housing projects, which were previously under the Brittany, CrownAsia and Camella brands.

Ms. Serrano boasted of Vista Land’s “decades of home building experience” and its ability to acquire land in strategic locations.

Vista Residences launched four other projects early this year: the Mosaic in Greenbelt, Avant at the Fort, the first tower of Laureano di Trevi on Chino Roces Avenue in Makati, and Crown Tower in Manila.

The WIL Tower and the first tower of Symphony, both in Quezon City, were launched in December and November, respectively.

Vista Land has allotted P10 billion to launch 30 projects this year. The new projects will bring Vista Land’s real estate portfolio to a total of 157 -- covering 19 provinces and 46 cities and municipalities nationwide.

The company had said it might venture into the commercial and retail segments this year.

In October last year, Vista Land acquired the 97% stake of Polar Property Holdings Corp. in subsidiary Polar Mines and Realty Ventures, Inc. and the latter’s accounts receivables for P702 million.

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