Vista going into high-rise development

Villar-led property developer Vista Land and Lifescapes is diversifying into the high-rise residential business with the launch of a P2.1-billion affordable condominium project beside De La Salle University in Manila.

This is the first of a series of high-rise developments that Vista Land, known for its horizontal or subdivision-type projects, will be building beside or near universities through subsidiary arm Vista Residence Inc.

The first project will be called Camella Condo Homes—La Salle Taft, Vista Residence president Maribeth Tolentino said in a statement.

The Camella Condo Homes will be a single 39-story mixed-use building that will be built on a 1,382-square-meter lot along Taft Avenue. It will offer 1,140 residential units, composed of studio, one-bedroom and two-bedroom flats.

Tolentino said the construction of Camella Condo Homes–La Salle Taft would start by the fourth quarter of 2012. It is targeted for completion by the third quarter of 2016.

“While Vista Land already dominates the house-and-lot market nationwide, we also see the need to fill the demand for affordable vertical housing,” said Tolentino. Tolentino noted that Camella was still the most preferred housing brand for the mid-income segment after 35 years.

The Camella Condo Homes beside La Salle Taft is suitable not just for university students but also single working professionals, overseas workers and young couples because of its affordability and easy payment packages, Tolentino noted.

Studio units of about 18.23 to 20.75 square meters will be sold for P1.6 million to P1.8 million. One-bedroom units will have a floor area of 23.91 to 31.52 sqm and will sell for P2.2 million to P3.4 million, while the two-bedroom flats of 36 to 40 sqm will sell for P3.2 million to P4 million.

It will also feature 11 premium garden units on the fourth floor and these will be sold for P2 million to P2.5 million.

Camella Condo Homes will have commercial spaces for lease near the lobby on the ground floor, parking on the second and third floors. It will have a Sky Garden on the roof deck and an area for amenities called The Club on the fourth floor. The amenities area will have a swimming pool, social hall, function rooms, study hall and a fitness gym.

The project is also near other universities bordering Taft Ave., including St. Scholastica’s College, College of St. Benilde, University of the Philippines–Manila and St. Paul’s College–Manila.