Vista Land expanding to 16 new areas
MANILA, Philippines—Villar-led Vista Land and Lifescapes Inc. plans to aggressively expand outside of Metro Manila to reach areas in the country where demand for new homes has so far been unmet.
In a statement, the company, owned by Sen. Manuel Villar, said it would embark on a major expansion to 16 new areas across the country in the next 12 months.
The areas identified include Ilocos Sur and Ilocos Norte; La Union; Nueva Ecija; Bicol; Batangas; Quezon; Bataan; Pampanga; Davao; Butuan, Agusan del Sur; and Zamboanga.
“The expansion to these areas will give Filipino families more opportunities to own homes as Vista Land provides options for low- to mid-market segments at various price points,” Vista Land CEO Benjamarie Therese Serrano said in a statement.
She said the company would target families of overseas Filipino workers (OFWs).
“The majority of our OFWs hail from the provinces and there is strong preference for house and lot in their hometown or province of origin which they intend to live in with their families,” Serrano said.
The company said its subdivision projects would cover areas of at least 10 hectares each and would be strategically located.
“Buyers have a myriad of house models to choose from and can look forward to living in themed, master-planned communities. Vista Land ensures that all its projects are well maintained even after turnover, through property managers,” Serrano said.
Serrano said about 60 percent of Vista Land’s reservation sales came from the families of migrant workers, particularly those based in Europe, Middle East and Asia. At least 5-10 percent of the total sales uptake is cornered by US-based OFWs.
“The upward trend in the level of OFW remittances bodes well for our expansion drive,” she added.
Vista Land has allocated P45 billion for capital expenditure from this year to 2013. Future Vista Land developments include vertical projects, commercial space and BPO office buildings.
