Vista Land spending P7B for medium-rise buildings

VIllar-led Vista Land and Lifescapes has lined up P7 billion worth of new medium-rise building (MRB) projects this year under a newly created residential brand that focuses on the MRB segment.

The launch of the new brand, “Camella Residences,” is seen to enable the group, whose bread and butter is house-and-lot residential development, to increase its interest in the MRB niche.

“The launch of Camella Residences is another strategic move that leverages on the success of Vista Land’s Camella Homes in the residential sector, which in the past has been largely horizontal,” Vista Land president Benjamarie Serrano said in a statement.

“MRBs share similarities with horizontal residences, and are a logical alternative for our buyers, many of them OFWs [overseas Filipino workers] who consider owning a home a top priority,” she said.

Serrano said Vista Land was planning to start seven new projects under the Camella Residences brand in key urban locations this year. These projects with a total value of P7 billion will beef up the firm’s six existing MRBs worth P7.6 billion.

“While high-rise and mid-rise residential condominiums are in the same category, there is a differentiation between them in terms of product feel and market needs,” Serrano said.

“MRBs maintain the feeling of community akin to horizontal developments, as their layout and structure allow for interaction among neighbors, who can share the same amenities found in the latter, including a swimming pool, sports and banquet facilities, and a gym.”

From a financial point of view, Serrano said MRBs could be more cost-efficient than high-rise projects, since the former could be turned over within two years, while the latter require at least five years for completion.

She said, MRBs could be built on land between one and four hectares in size, while home and lot projects need at least 10 hectares. Vista Land has an existing portfolio of 22 vertical developments worth P12.5 billion.

These MRBs are located on Aurora Boulevard and Madison in Cubao, Quezon City; Marfori and Presidio at Lakefront in Sucat; Pacific Residences in Taguig City; and Northpoint in Davao City.

Vista Land is among country’s largest home builders. It has constructed a total of more than 200,000 units since 1977.

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