By Miguel R. Camus, BusinessMirror | 09/26/2012 7:49 AM
MANILA, Philippines - Vista Land & Lifescapes Inc., a listed property developer led by the family of Sen. Manuel Villar Jr., is adopting a new approach to tap the fast-growing condominium market as it eyes revenue contributions here to potentially double in a year.
In a statement on Tuesday, Vista Land said it would employ a so-called vertical-village concept, which combines lifestyle components from its flagship subdivision projects with its condominium developments.
“We are employing the vertical-village concept, which will allow residents in our condominium projects to enjoy the spacious comfort usually available only to subdivision and townhouse residents,” Vista Land President and Chief Executive Officer Manuel Paolo Villar said in the statement.
“The vertical concept or strategy also means Vista condominiums would be distinct from the usual restricted box structures that sprout in Mega Manila today, he added.
Brian Edang, investor-relations officer with Vista Land, said vertical projects could contribute 10 percent to 15 percent of revenues next year from the current 7 percent. Vista Land booked a net income of P2.17 billion in the first half, up 25 percent, as revenues jumped 22 percent to P8.08 billion.
Vista Residences builds and manages all the condominium projects of Vista Land and Lifescapes that cater to three main market segments Camella Condo Homes for the low-income segment, Crown Asia Homes for the upper and middle-income group and Brittany for the high-income segment.
Camella is now undertaking vertical developments in Metro Manila and Cagayan de Oro City.
Camella Condo Homes (CCH) already have five medium- and high-rise vertical projects in Metro Manila Laureano di Trevi, CCH Taguig, CCH Pasig and the university projects (CCH Taft and CCH Katipunan).
Camella is building two more projects: 878 España CCH in the University Belt in Manila and CCH Cagayan de Oro.
Crown Asia Residences and Brittany also offer condominium projects, the statement showed. Among these is Brittany’s The Hudson at the Fort, which has a sales value of P3 billion.