Several months after property developer Vista Land and Lifescapes announced 2013 capital expenditure of P18.5 billion, Sen. Manny Villar, the founder of the firm, said that their capital expenditure (capex) for the rest of the year may go as high as P20 billion.
“We are prepared to spend more than P18.5 billion. It’s OK to exceed a bit. We can’t miss the chance to take advantage of the market,” Villar told reporters over the weekend.
“We might spend up to P20 billion,” he added.
It was reported earlier that Vista Land is looking at a capital expenditure exceeding P18 billion for this year, which is still higher than its capex for 2012 that ranged about 15.2 billion.
“Capital expenditures this year will be significantly higher than 2012. We have not finalized exact figures yet but it will exceed P18 billion,” Vista Land’s chief financial officer, Ricardo Tan, previously said.
Villar also said that the firm is off to launching 14 new projects in the next two to three months, already having to launch three for this year.
“We are going to open in Maribel, Santa Maria, Bulacan, Kalibo, Roxas, Silang,” he said.
Over the weekend, the tower one of Wil Tower Mall, a joint residential project of the actor Willie Revillame and Vista Land’s Vista Residences, was topped off and according to Villar, it wouldn’t take them so long anymore to start the construction of the project’s tower two.
He added that the project cost for the tower two of Wil Tower Mall may be slightly higher than what they spent for tower one.
“[We may have to spend] P1.5 billion for the second tower, slightly higher than the first tower given inflation and higher construction costs,” he said, adding that the price range per unit in the tower is about P3 million to 6 million.
Wil Tower Mall is a two-tower and 42-story mixed-use condominium sitting on a 3,000-square-meter land situated in Quezon City.
According to Villar, the first tower is already 90-percent sold.
Part of the project is a four-level high-end mall that is set for completion and opening this year.