Developer beefs up presence in Cebu

CEBU, Philippines - Vista Land and Landscape Incorporated, one of the largest home and commercial developers in the Philippines, is now planning to build more projects in Cebu including a shopping mall, BPO complex,  condominium towers, and subdivisions.

Vista Land chairman Manuel Villar said that although the company already has several projects here such as Camella Homes, Crown Asia, and other brands, these are not enough to make its strong presence in Cebu.

Villar was in Cebu recently to meet with the local real estate brokers and agents announcing the company's grand development plans in the province.

In an interview, Villar said more residential inventories are lined up for Cebu, specifically in Mactan Island, Talamban, Talisay, Carcar, and other areas in the province.

Another Camella Homes will be built in Mactan, a construction of a condominium project and establishment of Star Mall in Cebu. Construction of these projects will start before the end of the year.

Despite the presence of big and small developers competing in Cebu’s upbeat condominium market, Villar is confident that his company will be able to catch up in this market segment saying there is still a huge room for growth in the market.

Villar said his company will initially build a twin-tower condominium project here, although he did not divulge the exact location of the development.

The former Senator added that as Cebu provides a conducive environment for more real estate projects, he is going to be hands-on on this move.

"We are beefing up our presence in Cebu. I will be coming here often," he told brokers.

At present, Villar's company has more or less 50-hectare land bank located in different areas in Cebu. However, he emphasized that the company is actively looking for more properties for acquisition.

Meanwhile, aside from making a much stronger presence in the real estate sector in Cebu, Villar said his group will also open up other businesses here like the planned opening of its All Home, a home depot retail concept, as well as establishment of its All Day convenience store chain here.

For the first quarter of this year, the company reported a P5.4 billion revenue performance, a 12 percent up from the same period in 2013.

Capital expenditures for 2014 are expected to reach over P20 billion.  (FREEMAN)