Vista Land & Lifescapes, Inc. (Vista Land), the property development unit of billionaire businessman Manuel Villar, will continue to expand its presence in the provinces this year despite the challenge of the crisis in the Middle East which could influence the market to overseas Filipinos.
Vista Land President and Chief Executive Officer Manuel Paolo A. Villar said the company remains bullish and will be building its presence in 100 provinces in the country. So far, Vista Land has already property development projects in 92 cities and municipalities across 35 provinces.
Aside from the possible repatriation of overseas workers from the Middle East due to the rising tensions, Villar pointed out the slight oversupply in the vertical segment of the market as the other major challenge facing the industry. Although the situation is not bad as some people point it based of past events,
Villar said the company is taking no chances and is putting all the necessary steps to ensure the situation would be stable.
Overseas Filipinos provide 55 to 60 percent of the sales of Vista Land.
Government reported that total remittances of OFWs in 2015 totaled $25.7 billion, registering a 4.6% increase than 2014’s $24.6 billion. A big bulk of remittances came from OFWs based in the United States, Saudi Arabia and theUnited Arab Emirates.
In case the situation the Middle East aggravates, Villar said resurgence of the US economy could counteract the impact on the residential segment. The amalgamation of Starmalls will be a driver of Vista Land’s earnings this year after finalizing the acquisition of 88.25% of the mall and office developer.
Vista Land operates in all income segments of the market. Brittany, Crown Asia, Camella Homes, Communities Philippines, and Vista Residences cater to the high-end market in Metro Manila, while Camella Homes has a niche in the low-cost and affordable housing segment.
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