Vista Land mulls over plan to undertake bond offer

Leading housing developer Vista Land & Lifescapes Inc. (VLL) plans to debut on the local bond market to raise as much as P5 billion in fresh funds for commercial development projects.

VLL of the Villar family is looking at a base offering size of P3 billion, but with an option to increase allotment by another P2 billion in case of strong demand.

The company obtained authority from its board to implement all necessary corporate and other actions to proceed with the offering.

The board also authorized management to decide on the final issue size, interest rate, and other relevant terms and condition of the bonds.

“Our plans of tapping the retail bond market for the first time is part of our overall strategy to diversify our sources of funding,” said Manuel Paolo Villar, VLL’s chief executive officer.

The company said proceeds would be used to partly finance the commercial developments of its subsidiaries.

Vista Land is the country’s leading housing developer. It caters to all income segments of the real estate market through four brands—Camella, Crown Asia, Brittany and condominium developer Vista Residences. The group plans to scale up property businesses by building new shopping malls and business process outsourcing office space across the country. Doris C. Dumlao