Vista Land to invest P40B for residential projects-A A +A
Sunday, March 23, 2014
VISTA Land, the country's largest homebuilder, announced Friday that it will pour in some P40-billion investment to develop big residential projects in various parts of Davao City in the next five to six years.
The announcement came right after the country's largest mixed-use developer, Megaworld, also announced last week its intention to develop a prime property in Lanang, Davao City, in the next five to seven years, with a total investment of P15 billion.
Manuel Villar, Vista Land founder and chair, said they are looking at Davao City as the next investment hub and trading center in the country, with its economy growing by leaps in the next few years.
"That's why we have big projects in Davao City. We will develop more big residential projects in the area (and) we will pour in some P30-billion to P40-billion investment in the next five to six years," he told reporters at the sidelines of the Camella South-Central Mindanao's annual awarding ceremonies at SMX Convention Center, SM Lanang Premier last Friday night.
Camella is a subsidiary of Vista Land.
Vista Land appeared to tap the affordable segment of the market, which is expected to migrate to the city to seek for employment.
"This year, we will open three more residential projects in the city and we have just closed the acquisition of bigger areas in different parts of the city for these projects," Villar said.
Although he did not mention the exact location of these projects, one of these is located in Communal in Buhangin District where residential development project called Canella Davao will soon rise. The project is a joint venture between Vista Land and the family of Compostela Valley Governor Arturo Uy.
These projects, Villar said, are set to break grounds within the year, along with two shopping malls, which will rise at Canella's Cerritos in Mintal and Camella Northpoint in Bajada.
"A Starmall will be built at Cerritos and a smaller mall called Vista Nall will be established at Northpoint," he said.
Published in the Sun.Star Davao newspaper on March 24, 2014.