VILLAR-LED Vista Land and Lifescapes Inc. is looking to diversify into industrial estate development to meet investor demand for sites for manufacturing facilities in the country.
Manny Villar, Vista Land chairman, told reporters the company is considering developing an industrial park in Cavite. “Industrial estates are booming, along with economic growth.”
Villar said the development would possibly be within the company’s existing 200- to 300-hectare land bank in the south.
Although there are no definite plans at the moment, Villar said they are talking with a potential partner who, he said, will remain unnamed for now.
“There is no commitment. I’m not sure if we’ll go into it but we’re looking at areas, indeed. Most likely in Cavite,” Villar said.
He said any such move “would be sometime late next year, but we’re not sure. We’re still assessing the market. We’re studying it,” he said.
If the company would develop an area for industrial estate, the project would include residential and commercial space components, the Vista Land chairman said.
Vista Land boosted its net income by 14 percent to P2.8 billion in the first six months of the year from P2.5 billion a year earlier. It said it is on track with its full-year targets of “double digit growth” on net income and revenues.
As of end-June, the company has spent 48 percent or P10.4 billion of the allotted P21.6 billion in capital expenditures (capex) for 2014.
Of the P10.4-billion used capex, P2.6 billion was spent for land acquisition, P2.1 billion for land development, and P5.7 billion for construction.
The property firm has 1,933.1 hectares of land bank as of the first half, 83 percent of which is owned by Vista Land while 17 percent is held through joint ventures.
Incorporated in 2007, Vista Land is into real estate business mostly in low- and middle-cost housing segments, and has been recently working to diversify into the hotel business.