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MANILA, Philippines – Focusing on the the continuing robust demand from overseas Filipino workers (OFWs), property developer Vista Land & Lifescapes, Inc. announced plans to develop 32 residential subdivision developments worth P32 billion this 2012.
“OFWs continue to be Vista Land’s strongest market and we intend to further cement our reputation as the runaway leader in this segment,” wrote Manuel Paolo A. Villar, Vista Land president and chief executive officer, in a statement released over the weekend.
This ambitious plan is double its 16 horizontal projects in 2011. It launched a total of 23 projects worth a total of P21 billion. Eight of which were new locations.
To keep up with brisk sales of its house and lot offerings, Vista Land will open 20 expansion projects from existing areas nationwide. This year, Vista Land will be opening affordable housing in subdivisions in 12 new areas nationwide.
“We are strengthening our presence in existing areas while expanding our reach further by entering new markets,” Villar added.
The demand from OFWs is also behind Vista Land’s expansion in the provinces. OFWs from Europe, Middle East and Asia account for about 55% of the firm’s reservation sales while US-based Filipinos contribute 5% to 10% of sales.
Vista Land was able to meet its sales target for new and expansion areas last year, according to Ricardo B. Tan, Jr., Vista Land chief financial officer said. Vista Land had earlier aimed to hit P24 billion in full-year sales for 2011.
The company currently operates five property brands: Brittany that sells house-and-lot units for as much as P9 million each, Crown Asia for units worth P3.5 million to P9 million, Camella Homes for units P3.5 million and below, Communities Philippines that sells Camella Homes projects in the provinces, and condominium arm Vista Residences.
Publicly listed Vista Land is owned and controlled by the family of Sen. Manuel B. Villar, Jr., who has likewise prioritized to OFWs in his advocacies. – Rappler.com
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