More commercial, residential projects ahead: Vista Land-A A +A
Sunday, August 3, 2014
CEBU can expect more residential and commercial projects from the Villar-led Vista Land and Landscapes Inc. in the next five years, a company official said.
Camella president Maribeth C. Tolentino said in an interview on the sidelines of the launching of Camella’s Riverfront that Cebu is one of the cities outside Metro Manila where the developer is planning to concentrate its development, together with Iloilo, Cagayan de Oro and Davao.
Camella is one of the brands of Vista Land that is concentrated on so-called horizontal housing projects as opposed to vertical developments like condominiums.
Vista Land said it is the largest homebuilder in the country today.
Tolentino admitted they were a bit late to Cebu although they have several developments here.
She said that aside from horizontal residential projects, Vista Land is eyeing to establish in Cebu condominiums, hotels and business process outsourcing hubs, seeing the huge market for these developments.
By the end of the year or early next year, the company will launch a condominium project in a one-hectare property within Metro Cebu, she said.
“When we saw the vertical developments in Cebu, we said we want to be a part of it too,” she said.
Cebu was the first location of Vista Land for its expansion projects outside Metro Manila. It first set up its development in a 20-hectare property in Mactan in 1991.
Its mall and leasing arm, the Starmall Group, is building Starmall Azienda in the South Road Properties exit in Talisay City. Tolentino said they are targeting to open it by December.
The company already poured in a “huge” investment for Cebu under brands Camella, Lumina, and Crown Asia. Vista Land’s projects are in Mactan, Talisay City, Talamban, Guadalupe and Carcar City, covering a total land area of 150 hectares.
With the launching of Riverfront last Thursday, the company added another 10 hectares to its land portfolio in Cebu. Riverfront is part of the 70-hectare master planned community named Riverscapes in Talamban.
Inside the P5 billion development are six communities: the Riverfront, Riverdale, Riverview, Riverwalk, Riverside and Riverine.
Tolentino, meanwhile, said Vista Land has just entered the BPO market in Metro Manila.
She said they will break ground on the first Vista Hub in Taguig within the year.
In the more than 20 years it has been in Cebu, Camella’s sales have been primarily driven by overseas Filipino workers, Tolentino said.
A significant part of their market is composed of local professionals.
In Cebu, Vista Land has a land bank of 70 hectares, according to Camella general manager Joey Sison.
The company said in its website that its revenues for the first quarter of this year compared to the first quarter of 2013 rose by 12 percent to P5.4 billion from P4.9 billion. Net income, on the other hand, increased by 11 percent to P1.5 billion for the first quarter of this year compared to the P1.3 billion during the same period last year.
Published in the Sun.Star Cebu newspaper on August 04, 2014.