Lakefront Residences, a subsidiary of Vista Land, will build four additional mid-rise towers in its Presidio residences by this year, and is looking to build another two high-rise buildings in its Marifront residences, all of which are in the company’s Sucat, Muntinlupa community.
Among the seven towers in Presidio residences under Crown Asia, one mid-rise tower is expected to be built and finished next year while the other three will be in the works for the next two years.
The high-rise Marifront residences, on the other hand, will add two towers to the existing single tower in the community.
At present, Lakefront in Sucat, Muntinlupa, has 27 hectares of developed residences. The total area of the community is 60 hectares.
According to Beth Tolentino, Vista Residences vice president, the entire 60 hectares of residences to be established in the area is projected to cost P45 billion in investments and is seen to generate P80-billion worth of revenues.
“Vacant lots in Presidio are for immediate expansion. We projected sales at P500 million per tower translating to P2 billion for the four buildings,” she said, referring to the immediate expansion of the four residential buildings in the Presidio community which is seen to be finished by 2015.
“It cost P200 million per tower in terms of investments in development,” Tolentino added.
Lakefront consists of mixed residential and commercial units—mid-rise residential towers Presidio, high-rise towers Marifront and horizontal residences Marina Heights and La Posada.
“[The expansion] is a 10-year plan. But if the demand changes, we can adjust the concentration to high-rise . . . [Now] it is a mix of offices and residential buildings,” Tolentino said.
“We also have plans in Cebu, Iloilo, Quezon City and we will still watch on our Metro Manila projects. These are all high-rise . . . Also, almost all of our university towers in universities—La Salle, Ateneo and UST [University of Santo Tomas]—are over 90-percent sold out,” said Red Rosales, Vista Land head of corporate and corporate marketing, noting the present and future developments made by Vista.
Presidio mid-rise units are priced from P3 million to P6.5 million per unit in their single and double bedroom units. The high-rise Marifront units, on the other hand, ranges from P6 million to P8.6 million, catering to young professionals, investors, as well as start-up families.
Horizontal residences, on the other hand, ranges from P8 million to P19 million per house and lot: Marina Heights properties pegged at P10 million to P12 million and La Posada is from P8 million to P19 million.
Lakefront residences are 80-percent to 97-percent sold at present.
Kristyn Nika M. Lazo