Vista Land Aims for Dominance in Residential Condo Segment
Three years after its initial residential condominium offering, property holdings group Vista Land and Lifescapes, Inc., the country’s largest homebuilder, aims to gain the dominance in the home condo segment which it holds in horizontal homes with its unmatched track record of over 30 years, according to President and CEO Benjamarie N. Serrano. “In fact, we are targeting an average annual growth of 25 percent in condominium sales in the next five years, reflecting an upbeat outlook,” she said. “Vista Land is leveraging its expertise and leadership in homebuilding to assume the lead role in the residential condo segment.
She added that the recent launch of the group’s Vista Residences, both as corporate brand and business unit for all vertical home projects, will strengthen Vista Land’s presence in the segment by creating greater awareness of its identity and enhancing efficiencies in resource allocation. Vista Residences has assumed responsibility for the portfolio of home condo projects previously held by Vista Land subsidiaries Brittany, Crown Asia, and Camella Homes. “We are looking at contributions of up to 20 percent to Vista Land’s revenues from vertical home sales, so that the current sales can be more than doubled over the next five years,” Ms. Serrano said. “We expect Vista Land to build a major market presence by the sheer number and scale of its projects.” “Our portfolio of vertical home developments, after a few short years, now already stands at 15 projects with an aggregate _____ units valued at P18.7 billion,” she said. Six of the projects, with a total value of P6.2billion 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 the Fort Bonifacio, Symphony and Pinecrest Tower 1 in Quezon City, and Crown Tower in Manila.
The remaining six projects with a total value of P8.3billion, are now selling with construction starting in 2010 and 2011. These are KL Mosaic and Trevi Tower 2 and 3 and The Gallery in Makati, The Currency in Ortigas, Wil Tower Mall and Pinecrest Tower 2 in Quezon City. “Our many years of homebuilding experience gives us unique insights on buyers’ requirements, especially in planning the efficient use of space and offering comfort, privacy, exclusivity, and security, including features like convenient and secure parking Our vertical developments are located in some of the most accessible and attractive sites in the metropolis. “As a result, Vista Land’s efforts have been rewarded consistently with strong sales in the residential condo segment within a short span of time,” Ms. Serrano said.