Vista Land sees condominium sales rising 25% in next 5 years

By Ma. Elisa P. Osorio (The Philippine Star) Updated July 08, 2010 12:00 

MANILA, Philippines - Manny Villar owned Vista Land and Lifescapes Inc., is targeting an average annual growth of 25 percent in condominium sales in the next five years.


“Vista Land is leveraging its 30 years plus of expertise and leadership in homebuilding to play a major role in the residential condo segment,” said company president Benjamarie N. Serrano.


According to Serrano, they expect to build a major market presence by the sheer number and scale of its projects. “We are looking at contributions of up to 20 percent to Vista Land’s revenues from vertical home sales, so that current sales can be more than doubled over the next five years.”


After three years of operations, the portfolio of vertical home developments is already at 12 projects valued at P14.5 billion. Six of the projects, with a total value of P6.2 billion or nearly half of its offerings in the segment, have been sold and are to be completed this year. These developments are Mosaic and Trevi Tower 1 in Makati , Avant at Fort Bonifacio , Symphony and Pinecrest Tower 1 in Que-zon City , and Crown Tower in Manila.


The remaining six projects, with a total value of P8.3 billion, are now selling with construction starting in 2010 and 2011. These are KL Mosaic and Trevi Towers 2 and 3, and The Gallery in Makati , The Currency in Ortigas, and Wil Tower Mall and Pinecrest Tower 2 in Quezon City .


She disclosed that the group is eyeing sites in Manila, Bonifacio Global City, Mandaluyong and Ortigas for upcoming vertical home projects.