Villar-led Vista Land and Lifescapes Inc. is planning to launch the majority of its new housing projects outside of Metro Manila this year to cater to “underserved” markets, a company official said.
Vista Land President and Chief Executive Officer Manuel Paolo Villar told reporters there is a lack of quality housing supply relative to demand outside of Metro Manila.
“I think it’s [outside Metro Manila]underserved, there’s a lack of supply. Obviously, there’s a lot of demand in Metro Manila, but there’s much less quality supply outside of Metro Manila,” Villar said.
Villar also noted that areas outside of Metro Manila area show huge potential, mainly driven by the growing incomes of Filipinos.
“There’s a lot pent-up demand, meaning there’s a lot of Filipinos increasing their incomes, but don’t have access to a quality house or quality mall, or quality property development. I think that’s a big potential market,” Villar said.
For 2016, Vista Land is looking to launch 20 to 30 projects worth a total of P25 billion, 70 percent of which will be located outside of Metro Manila, mostly under the Camella brand.
“And I think we’ll continue to do that especially with the president-elect looking towards federalism, or to at least channel more of the development outside of Metro Manila,” Villar said.
In the first quarter of 2016, Vista Land said that its Communities Philippines brand, which is the firm’s low cost and affordable housing brand outside of Metro Manila, accounted for 53 percent of the firm’s real estate revenues.
The firm said it has already launched five residential projects outside of Metro Manila in the first three months of 2016 alone.
The projects are located in Bataan, Nueva Ecija, Quezon Province, Cagayan de Oro and Misamis Oriental.