Vista Land scouting for Boracay lots

VISTA LAND & Lifescapes, Inc. is scouting for more properties in Boracay Island to expand a P2.2-billion mixeduse development recently launched in the tourist destination.

The listed company, through its condominium arm Vista Residences, intends to acquire around 15 hectares of land to develop as part of the Costa Vista Boracay unveiled earlier this month.

“We’re excited about the results of the interest, so we’re exploring to get additional property in the area,” Vista Residences President and Managing Director Elizabeth M. Kalaw said during an Oct. 7 interview with reporters.

Vista Residences is looking to launch the expansion project later in 2017 or early in 2018.

The expansion project could require double the investment earmarked for the development of Costa Vista Boracay.

The company is investing P2.2 billion to develop Costa Vista Boracay within a 6.5- hectare property. It targets to complete the project in eight years.

The recently launched development will rise within the upscale portion of the white-sand beach. It will include six mid-rise residential towers, private villas, a hotel, a convention center and a commercial quarter.

The residential tower will offer 1,000 units, which owners have the option to rent out. The hotel with villas will provide 200 more rooms, while the convention center will accommodate 800 to 1,000 individuals.

Vista Residences received strong interest for the residential component of the development, in particular, with Ms. Kalaw noted. “Ang dami dami palang gusto to have a place in Boracay, so sayang naman ang market (many people apparently want to have a place in Boracay, so we wanted to take advantage of the market),” the company official said.

Vista Land first entered the tourism destination when it took over the 55- room Boracay Sands Hotel for P157 million towards the close of 2015, as the property developer looks for more recurring income stream.

“What’s good with Boracay is there’s no off- peak season unlike other resorts that generate revenues only during summer. Boracay is all peak season,” Ms. Kalaw noted.

Shares in Vista Land closed flat at P5.16 apiece on the Philippine Stock Exchange on Thursday.