Vista Land plans to launch more residential projects in 2023
Homebuilder and integrated property developer Vista Land & Lifescapes Inc. will ramp up the launch of residential projects in 2023 to help curb the rising housing backlog as the situation improves with the reopening of the economy, according to a report by Philippine News Agency.
Vista Land chairman Manuel Villar Jr. told reporters on Saturday night that the company remains optimistic with the industry amid the strong economic growth, coupled with sustained Filipino remittance.
“We will be more active in housing. We have been holding back for three years (due to the pandemic) though we did not stop. While we remained active in the market, we did not pursue it as much,” he said.
With the further reopening of the economy, Villar said the firm will build more vertical housing projects next year compared to horizontal ones.
“If these are vertical housing, you can preserve more land because land is getting to be more expensive,” he said.
He added it already shifted back to building more vertical housing projects this year and expects to end 2022 with a 50-50 ratio of vertical to horizontal housing projects.
Villar said they will build both high-rise and mid-rise condominiums to cater to various segments of the market.
Vista Land launched 12 projects with an estimated value of about PHP21.8 billion as of the end of the third quarter of 2022. The project value doubled the full year 2021 level.
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