MANILA, Philippines - Vista Land and Lifescapes Inc. has earmarked P7 billion this year for the construction of new medium-rise building (MRB) projects to be undertaken by its newly-created brand Camella Residences as it aims to capture a bigger share of the vertical home segment.
“The launch of Camella Residences is another strategic move that leverages on the success of Vista Land’s Camella Homes in the whole residential sector, which in the past has been largely horizontal,” said Benjamarie N. Serrano, chief executive officer and president of Vista Land.
To start off, Camella Residences is building seven new MRBs located in key urban locations throughout the country.
These projects are in addition to six existing MRBs worth P 7.6 billion which form part of Vista Land’s current portfolio of 22 vertical developments totaling P12.5 billion.
The existing MRBs are Pinecrest on Aurora Blvd. and Madison in Cubao, Quezon City, Marfori and Presidio at Lakefront in Sucat, Pacific Residences in Taguig City and Northpoint in Davao City.
Serrano said MRBs can be more cost-efficient than high-rise projects, since the former can be turned over within two years, while the latter would take at least five years to complete. Compared to horizontal communities, MRBs can be built on land between one to four hectares in size, while home and lot projects need at least 10 hectares.
“We are confident that Camella Residences will be a significant factor in the growth of Vista Land and the industry’s vertical homes category,” Serrano said.
Vista Land, the property holding firm of the family of Sen. Manuel Villar, has built a track record as the country’s largest home builder, having developed more than 200,000 units since 1977.