By Leslie Venzon
MANILA, (PNA) — Residential arm Vista Land and Lifescapes Inc. is spending P40 billion to expand its Lakefront community project in Sucat, Parañaque in the next 10 years as it aims to achieve over 15 percent growth.
The Lakefront project is a 60-hectare masterplanned mixed-use development with 14 mixed-use enclaves, six of which have already been built.
In a press interview, company president Maribeth Tolentino said they have already built eight mid-rise buildings (MRB) in the 27 hectares of the property that have generated P15 billion in revenues in the last nine years.
Tolentino said the company will construct 42 more MRBs under the Vista Residences brand in the remaining 33 hectares.
She said the MRBs will be between five to seven storys high at a cost of P300 million to P500 million per building.
Tolentino said a developed portion has been also earmarked for the construction of house and lot packages under the Crown Asia and Brittany brands which are almost sold out.
She added that of the 60 hectares, Vista Land also devoted 10 hectares of the Lakefront property for commercial development as it aims to generate leasing revenues.
Red Rosales, Vista Land Residences corporate planning and corporate marketing head, said an initial one hectare may be also allotted for the development of two office towers for lease to the business process outsourcing (BPO) industry.
Company officials expect to book P80 billion in revenues from the completion of the Lakefront project.
Moreover, Tolentino said they are embarking on these development projects in a bid to attain a 15 percent growth in 2013 and another 15 to 20 percent next year.
She identified the overseas Filipino workers (OFWs) remittances and the robust economy as the main growth drivers.
Tolentino also believes that more investors will consider pouring in their money into Asian emerging countries, including the Philippines, as other nations are experiencing crisis.