Vista Land earmarks P40b for Iloilo project
Homebuilder Vista Land & Lifescapes Inc. said Wednesday it earmarked P40 billion to develop a 500-hectare property in Iloilo province into a mixed-use township development.
Vista Land said in a disclosure to the Philippine Stock Exchange Vista City Iloilo would be the company’s flagship development in Visayas with several components, including malls, hotels, office buildings for the business process outsourcing industry and hospitals.
Vista Land has allocated at least 100 hectares of the property to the City Center, where the BPO offices, shopping establishments and hotels will be located.
Vista City Iloilo currently houses two residential villages, which the company initially developed in 2000, supported by various amenities including a school offering primary to secondary education, five clubhouses, parks and playground.
“The integration of the residential project with commercial development will complete Vista City Iloilo’s transformation into a ‘communicity’ with adequate security and convenient transportation services,” Vista Land said.
Vista City Iloilo, which will cover about 500 hectares, spans across Oton, Pavia and San Miguel on Panay Island. It is located near schools, including the University of the Philippines Visayas, Central Philippine University, University of San Agustin, and West Visayas University. It is also close to the Western Visayas Medical Center and The Medical City Iloilo.
Vista Land, the real estate unit of the Villar group, is focused on developing horizontal housing projects as well as integrated developments dubbed as “communicities.”
“Communicities are innovative master-planned city developments designed to be completely self-contained, with vast properties that offer facilities, amenities, community structures and commercial establishments closer to a city than a mere residential village,” Vista Land said.
Major players in the real estate industry, including Megaworld Corp. and DoubleDragon Properties Inc., recently expanded to Iloilo as the province has emerged as an economic hub of Western Visayas.
Vista Land, which has built over 300,000 homes, has established a presence in 35 provinces and 90 cities and municipalities catering to various segments of the market.
To date, the group has 23 innovative master-planned city developments spread all over the country.
Share price of Vista Land on Wednesday closed at P5.03, down P0.04.