Vista Land launching P34B worth of projects in H2

Villar-led Vista Land & Landscapes Inc. (VLL) is targeting to launch P34 billion worth of residential projects in the second half of the year in line with its goal of unveiling P50 billion worth of projects for full year 2019.

VLL said it remains focused on the development of what it calls “communicities,” which it defined as integrated urban developments

The integrated property developer said the bulk of the projects will be in the low and affordable segment outside of Metro Manila.

VLL launched P51.7 billion worth of projects in 2018. It initially set its 2019 project launch target at P60 billion.

“We target to launch at least P50 billion projects in terms of project value for 2019, which will still be mostly in the low and affordable segment and outside Metro Manila,” VLL president and chief executive officer Manuel Paolo Villar said in a statement.

“The company launched residential projects with an estimated value of P16 billion during the first semester of 2019 and are looking at adding more for the remaining half of the year as we see the continued demand of our core residential business both from Overseas Filipino and domestic homebuyers,” he added.

VLL said it remains focused on the development of what it calls “communicities,” which it defined as integrated urban developments which combines lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.

Meanwhile, the developer said it will not be affected by the crackdown on Philippine Offshore Gaming Operators as its leasable spaces are mostly retail malls which limits its exposure to POGO.

The Philippine Amusement and Gaming Corp. on Monday said it will stop accepting applications for offshore gaming licenses in the face of a review on the impact of POGO operations in the country. China is also urging to ban online gambling involving the Chinese citizens.