The Philippine Star
January 03, 2010
Property holding company Vista Land and Lifescapes, the country’s largest home builder which has built more than 200,000 homes, starts 2010 with the consolidation of its residential condominium projects under a new brand name, Vista Residences.
Demonstrating dynamism and efficiency, Vista Residences is set to accomplish a series of milestones early in 2010, with four of its projects to be topped off in January and February, consisting of Mosaic in Greenbelt, Avant at the Fort, the first tower of Laureano di Trevi on Chino Roces in Makati, and Crown Tower in Manila. A fifth project, WIL Tower in Quezon City, will be launched shortly with its site excavation already underway. Recently, the first tower of another project, Symphony in Quezon City, was topped off in November 2009. Still another development, Madison Place also in Quezon City, was presented and turned over to buyers in December 2009.
“Vista Land debuted in residential condos only in 2006. After three short years, it takes pride in its line-up of 11 condo projects that are now completed, under construction, or expected to rise in the near future,” said company president and CEO Jing Serrano.
“Bringing all these projects under Vista Residences, as a corporate brand name, is a timely move signifying our commitment to assume a leading role in residential condo development. With brand consolidation, our residential condo projects will have a clearer and stronger market identity, projecting the size and scale of our offerings. Vista Land will be better positioned to penetrate the residential condo segment,” Serrano added.
“Even as all Vista Land projects in various property segments are ongoing full-blast, residential condos are becoming increasingly attractive to the market. This segment will continue to be a key growth area in the medium term, and Vista Land is well-situated to address rising demand,” Serrano said.
Strategic locations of Vista Residences
Makati. At present, Vista Residences is offering four condominium developments in Makati: Mosaic in Greenbelt , which is the group’s first residential condo; KL Mosaic in Legaspi Village , now under construction; and Laureano de Trevi across Don Bosco on Chino Roces, with its first tower just about completed. The group has also penetrated Salcedo Village with The Gallery along LP Leviste St.
Quezon City. Adding their silhouettes to the Quezon City skyline are four developments of Vista Residences: Symphony Towers behind the GMA compound; Pine Crest in New Manila, which is undergoing construction; Madison Place in Cubao; and WIL Tower behind ABS-CBN, which will be Vista Residences’ anchor project in 2010, the brand’s latest development to be launched.
Ortigas. In the vibrant Ortigas Business District, Vista Residences is the first to offer both office and residential units with the Currency on Julia Vargas Ave.
Bonifacio Global City. Availing of new opportunities in areas where condo developments are increasingly a winning proposition, Vista Residences has Avant at the Fort in Bonifacio Global City, set to top off this month.
Manila. Addressing the growing needs of halfway homes for students, the Crown Tower at the University Belt in Manila is also in the advanced phase of construction.
Housing expertise applied to residential condos
“Vista Land brings to residential condo developments our expertise and track record accumulated from building the most number of homes among all the country’s real estate companies,” Serrano said.
“We know how to make condos that are not only aesthetically rewarding but perhaps, more importantly, are also “homey”, so buyers will appreciate that they are designed to be lived in, providing comfort and enduring value. A key aspect is our wealth of experience in planning the use of space, so that despite limitations, it is maximized for functional and comfortable living.” she explained.
With its participation in various residential segments ranging from entry level to high-end projects, Vista Land ‘s total portfolio consists of 127 projects nationwide, located in 18 provinces and 42 cities and municipalities, its sheer number and geographical spread of existing developments unmatched by any other property developer in the country.
More than 60 percent of Vista Land buyers are overseas Filipino workers (OFWs), with markedly greater ability than the rest of the population to amortize home acquisitions, and who have consistently patronized Vista land projects over the past several years. Given that it has the widest product range and owns the most geographically diverse properties in the industry, Vista Land is able to offer projects to families of OFWs in areas of the country where its competitors have no presence. At the same time, Vista Land ‘s development locations correspond closely with the geographical distribution of OFWs.
Most recently, a report by Leo Venezuela of CLSA Asia-Pacific Markets released in November, 2009 said that Vista Land stock has the highest potential upside based on a price target of P3.54 over the next 12 months.
Similarly, a report by analyst Gilbert Lopez of Credit Suisse released in October, 2009 maintained an “Outperform” rating of Vista Land . An “Outperform” rating is given if the analyst believes that the stock’s total return is expected to exceed the industry average by at least 10 – 15 percent or more, depending on perceived risk, over the next 12 months. The Credit Suisse report also stated a potential upside based on a price target of P3.63. The report said that Vista Land remains the most attractively valued among property companies.
“Proceeding from its sound fundamentals as a publicly listed company, Vista Land’s initiatives in the residential condominium segment are part of a strategic direction that will generate significant value-added in the next few years for its stakeholders, specifically property buyers, shareholders and brokers. Increasing participation in the segment through the Vista Residences brand is one of our planned, concrete steps in that direction,” Serrano concluded.