Vista Land starts 2010 with residential condo milestones

(The Philippine Star) Updated January 03, 2010 12:00 AM

WIL Tower behind ABS-CBN will be Vista Residences anchor project in 2010.
| Zoom

MANILA, Philippines - Property holding company Vista Land and Lifescapes, the country’s largest home builder which has built more than 200,000 homes, starts 2010 with the consolidation of its residential condominium projects under a new brand name, Vista Residences.

Demonstrating dynamism and efficiency, Vista Residences is set to accomplish a series of milestones early in 2010, with four of its projects to be topped off in January and February, consisting of Mosaic in Greenbelt, Avant at the Fort, the first tower of Laureano di Trevi on Chino Roces in Makati, and Crown Tower in Manila. A fifth project, WIL Tower in Quezon City, will be launched shortly with its site excavation already underway. Recently, the first tower of another project, Symphony in Quezon City, was topped off in November 2009. Still another development, Madison Place also in Quezon City, was presented and turned over to buyers in December 2009.

“Vista Land debuted in residential condos only in 2006. After three short years, it takes pride in its line-up of 11 condo projects that are now completed, under construction

, or expected to rise in the near future,” said company president and CEO Jing Serrano.

“Bringing all these projects under Vista Residences, as a corporate brand name, is a timely move signifying our commitment to assume a leading role in residential condo development. With brand consolidation, our residential condo projects will have a clearer and stronger market identity, projecting the size and scale of our offerings. Vista Land will be better positioned to penetrate the residential condo segment,” Serrano added.

“Even as all Vista Land projects in various property segments are ongoing full-blast, residential condos are becoming increasingly attractive to the market. This segment will continue to be a key growth area in the medium term, and Vista Land is well-situated to address rising demand,” Serrano said.

Strategic locations of Vista Residences

Makati. At present, Vista Residences is offering four condominium developments in Makati: Mosaic in Greenbelt , which is the group’s first residential condo; KL Mosaic in Legaspi Village , now under construction; and Laureano de Trevi across Don Bosco on Chino Roces, with its first tower just about completed. The group has also penetrated Salcedo Village with The Gallery along LP Leviste St.

Quezon City. Adding their silhouettes to the Quezon City skyline are four developments of Vista Residences: Symphony Towers behind the GMA compound; Pine Crest in New Manila, which is undergoing construction; Madison Place in Cubao; and WIL Tower behind ABS-CBN, which will be Vista Residences’ anchor project in 2010, the brand’s latest development to be launched.

Ortigas. In the vibrant Ortigas Business District, Vista Residences is the first to offer both office and residential units with the Currency on Julia Vargas Ave.

Bonifacio Global City. Availing of new opportunities in areas where condo developments are increasingly a winning proposition, Vista Residences has Avant at the Fort in Bonifacio Global City, set to top off this month.

Manila. Addressing the growing needs of halfway homes for students, the Crown Tower at the University Belt in Manila is also in the advanced phase of construction.

Housing expertise applied to residential condos

“Vista Land brings to residential condo developments our expertise and track record accumulated from building the most number of homes among all the country’s real estate

companies,” Serrano said.

“We know how to make condos that are not only aesthetically rewarding but perhaps, more importantly, are also “homey”, so buyers will appreciate that they are designed to be lived in, providing comfort and enduring value. A key aspect is our wealth of experience in planning the use of space, so that despite limitations, it is maximized for functional and comfortable living.” she explained.

Competitive value

With its participation in various residential segments ranging from entry level to high-end projects, Vista Land ‘s total portfolio consists of 127 projects nationwide, located in 18 provinces and 42 cities and municipalities, its sheer number and geographical spread of existing developments unmatched by any other property developer in the country.

More than 60 percent of Vista Land buyers are overseas Filipino workers (OFWs), with markedly greater ability than the rest of the population to amortize home acquisitions, and who have consistently patronized Vista land projects over the past several years. Given that it has the widest product range and owns the most geographically diverse properties

in the industry, Vista Land is able to offer projects to families of OFWs in areas of the country where its competitors have no presence. At the same time, Vista Land ‘s development locations correspond closely with the geographical distribution of OFWs.

Most recently, a report by Leo Venezuela of CLSA Asia-Pacific Markets released in November, 2009 said that Vista Land stock has the highest potential upside based on a price target of P3.54 over the next 12 months.

Similarly, a report by analyst Gilbert Lopez of Credit Suisse released in October, 2009 maintained an “Outperform” rating of Vista Land . An “Outperform” rating is given if the analyst believes that the stock’s total return is expected to exceed the industry average by at least 10 - 15 percent or more, depending on perceived risk, over the next 12 months. The Credit Suisse report also stated a potential upside based on a price target of P3.63. The report said that Vista Land remains the most attractively valued among property companies.

“Proceeding from its sound fundamentals as a publicly listed company, Vista Land’s initiatives in the residential condominium segment are part of a strategic direction that will generate significant value-added in the next few years for its stakeholders, specifically property buyers, shareholders and brokers. Increasing participation in the segment through the Vista Residences brand is one of our planned, concrete steps in that direction,” Serrano concluded.

CCCI: Banking on a brighter economy

By AJ de la Torre (The Freeman) Updated December 31, 2009 12:00 AM

“Compared to 2009, the economy would be better in 2010.”

This according to Cebu Chamber of Commerce and Industry president Sam Chioson who said that they are looking forward for the new year which has a lot in store after the gloomy 2008 and 2009.

Chioson said that with a lot of countries starting to see the change from depressing crisis, this would certainly have a good effect for the Philippines especially in Cebu that has numerous industries dealing with imports

and exports abroad.

According to Chioson, the escalating economy would have the strongest effect on the export industry. However, this would not have an immediate recovery.

“It won’t be seen immediately,” he said who shared that they are already expecting a gradual recovery in 2010.

However, despite the slow change, Chioson said that they will still be fully pushing forward with their programs and advocacies.

“One of the things that we will be prioritizing is on the pursuance of the Cebu Economic Development Zone,” said Chioson.

CEDZ is a CCCI initiated proposal in partnership with the province of Cebu, which was already approved on the third and final reading by the House of Representatives early this year.

The proposal aims to proclaim the entire Cebu province as a Cebu Economic Development Zone through House Bill 5828, or the "Cebu Economic Development Zone Act of 2009" that aims to make Cebu a “self-sustaining, industrial, commercial and investment center that will put in place a wide-reaching employment and investment generation mechanism.”

Chioson said that the ratification of the bill in the senate is one of the things they are looking forward for this year, which would be of great help to Cebu once granted like the provision of a six-year income tax holiday for registered domestic enterprises and incentives like tax and duty-free importation of raw materials.

Aside from this, Chioson said that in line with their advocacy in the protection of the environment, they will be moving forward with their Participatory Urban Greening Project spearheaded by the Department of Environment and Natural Resources and the Cebu City Government.

Chioson said that with the need to mitigate the causes of global warming, they expect to be able to boost their activities in 2010 for urban greening.

Also, CCCI would be continuing their advocacies on helping their sector by hearing out respective concerns of industries as well as finding means to further help the development of the Micro Small and Medium enterprises.

This is part of the efforts of the chamber for the upcoming year as effect of the challenged faced in 2009, which has motivated them to gear forward for a better year ahead.

Chioson said that in the coming year, more of their call for immediate response of matters concerning the whole province would be heard like on the issue of energy insufficiency and high prices of fuel in Cebu compared to other provinces and regions.

CCCI was among the chambers in Cebu that filed a complaint with Governor Gwendolyn Garcia against the Big Three oil companies in the country for allegedly pricing higher the fuel in Cebu of almost P8.

The chamber also appealed for the immediate attention to be directed on the problem of lack of energy supply in Cebu, which has affected industries and households.

Chioson said that they would not be asking for a boycott on the three companies and they would not be doing so as a group. But he said that they would still be inviting small players to come in to Cebu and invest on more oil stations.

This is seen as a solution to bring down the oil prices in Cebu since the Big three has pointed out that prices in other parts of the country are more cheaper due to the number of competition they have around.

Tommy O sees bright 2010 for Cebu City

(The Freeman) Updated January 01, 2010 12:00 AM

CEBU, Philippines - Cebu City Mayor Tomas Osmeña is very optimistic that the city will have a very fruitful 2010.

The mayor said that one indication that the city will become booming and prosperous this year is the on-going construction of several high rise buildings.

He said that there are several projects around the city like in Ayala, North Reclamation Area, Gorordo Ave. and Escario Street among others.

The mayor said that at least four high-rise hotels will also be soon constructed at the South Road Properties (SRP) this year.

Osmeña also took the chance to take potshots at the provincial government.

“Tan-awa ra if you have to get a glimpse of the future, how many high rise buildings in the city are under construction sa pagkakaron sama sa hotel, daghan, sa probinsya? Wala zero. Sa SRP naay umaabot upat ka high-rise hotel,” Osmeña said.

With this, Osmeña said that the city is ready for the take off whatever happens in the coming national elections where he also sees uncertainty.

He, however, said that Cebu City is not relying on the outcome of the elections since the city is prepared to move on its own.

He said that this confidence is based on the fact that the city has started to generate funds from the sale of lots at the SRP to big investors like Filinvest Land Inc., and other interested locators.

Vice Mayor Michael Rama said that they are looking forward for more jobs to be generated from the construction and opening of hotels soon.

“Mao nay atong gi-look forward, employment will be created in the city and other areas of concern will also be attended to,” Rama said

The vice mayor who is eyeing the mayoralty seat in the city in the May elections has also asked the Cebuanos to work together for the city’s growth.

Likewise, Rama urged the city residents to be counted for as masters of solutions and not be counted as problems in the community.

Rama, who is poised for what he calls the biggest battle of his political career, has high hopes for 2010 saying that he is ready to face the challenges ahead.

Osmeña, who is on his third and last term as mayor, is seeking the House seat of the South District this May. — Elly Bolonos/NLQ (THE FREEMAN)

MCCI to help push Mandaue as the "Gateway to the North"

By Ehda M. Dagooc (The Freeman) Updated January 01, 2010 12:00 AM

CEBU, Philippines - Starting 2010, the Mandaue Chamber of Commerce and Industry (MCCI) will help position the City as the “Gateway to the North” by pushing robust development of commercialization to provide more employment.

MCCI president Eric Ng Mendoza said the chamber is anticipating a very good 2010.

While Mandaue already enjoyed growth in the midst of economic chaos in 2009, the expected recovery in 2010 will give Mandaue City an opportunity to spur economic growth and invite more investors.

If the past Mandaue was known as an industrialized urban center, MCCI will now package Mandaue as a preferred commercial destination, inviting diverse lines of businesses to invest in the City.

MCCI expects influx of more services and food distribution companies to locate in the City starting 2010, including growing investments of shopping malls, and even hotels.

“We are much prepared to welcome 2010. They say it’s the start of recovery year—hopefully so. But, recovery or not, businesses have already done their home work. The crisis taught us to see the golden opportunity during adverse times,” Mendoza said.

MCCI is an organization that has steadily evolved in recent years to be at the forefront of business innovation and development in Cebu and in Southern Philippines in general, Mendoza said.

“For the past four years, the Chamber has grown as a renaissance organization—revitalized, reorganized, and re-energized,” he said.

At present, the organization has shifted from purely business support and facilitation to that of strategic planning positioning and innovation, promotion of entrepreneurship, creation of a strong business network and building a globally identifiable brand that will make Mandaue City “an attractive international destination for business and investment.”

Since the last quarter of 2008 up to present, Mendoza said the Chamber’s strategy has been focused on addressing several key issues that affect business primarily—the present global economic crisis and its repercussion on local businesses.

According to Mendoza, the chamber has been able to undertake advocacies addressing the problem of unemployment, lack of infrastructure, lack of access to capital or credit availability for businesses, dwindling growth and revenue, and obsolescence of local industries, technologies and techniques that result in an inability to thrive in the seemingly hostile climate of the current crisis.

He said the strong partnership with the Provincial government of Cebu and the local government unit of Mandaue City has further boosted the profile of the Chamber by increasing its capability for project utilization and facilitating its access to resources.

Although the Chamber maintains its claim to be apolitical, it recently announced its support for the candidacy of former MCCI vice president Glenn Soco for Cebu Province Vice-Gubernatorial race.

In a board resolution number 004, series of 2009, MCCI formally declared its support for Soco.

Economic experts see, bright prospects for Cebu in 2010

By Ehda M. Dagooc (The Freeman) Updated January 02, 2010 12:00 AM

CEBU, Philippines - Although the economic experts believe that the challenges that are effects of the global recession will linger for the next two years, Cebu’s economy, on the other hand, is expected to rebound in 2010 as positive indicators already started to show in the last quarter of 2009.

“We are poised and prepared for the economic rebound in 2010. Our export sector has showed positive developments towards last quarters of 2009. Even in the midst of global recession Cebu’s economic performance continued to be robust and sound,” said National Economic and Development Authority (NEDA-7) regional director Marlene Rodriguez.

The year 2010 is considered as the gateway to recovery for Cebu. The province’s economy that is primarily driven by tourism, Business Process Outsourcing (BPO) and exports was able to withstand the most threatening fiscal crisis in history brought about by the global recession.

With the sunnier outlook for 2010, Cebu, as well as the Central Visayas region, is seen to outpace other regions in the country in terms of growth, while both government and private sector prime movers had already dished out plans to “stay above water” and push for full economic recovery in the province this year.

Rodriguez said tourism industry in Cebu continued to “breathe” in 2009, although foreign arrivals have dropped by significant numbers.

“Luckily, the domestic market saved the declining number of foreign visitors,” she said, thus tourism in Cebu has not been badly affected. However, it continued to provide revenues.

The continued interest of capitalists to invest in the real estate, retail, and tourism sectors, while the entire world suffered from depressing economic situation in 2009, will push Cebu’s recovery to a full swing in 2010.

Besides, the election this May will also spur the purchasing power of consumers, thus boosting the retail trade in the province, Rodriguez said. And this activity is not seen to discourage investors to pursue investment plans.

Significantly, the declaration of Cebu as the number one Emerging BPO Destination in the world (2008 and 2009) is expected to double or triple the popularity of the province to the international investing community and big ticket investments are expected to come starting 2010.

Although the United States is still on its way to recovery, Cebu has started to gain investors’ inquiries for big-ticket BPO companies, the Cebu Investment and Promotions Center (CIPC) announced.

CIPC managing director Joel Mari S. Yu said that investors’ inquiries for BPO voice and non-voice have started to pick up.

In fact, in the last few months CIPC had hosted several potential investors doing ocular inspections in Cebu.

Yu hopes that this time, Cebu will be able to benefit from its number one “Emerging BPO destination” in the world position for two consecutive years as the province was not able to fully enjoy it last year, because of the global recession.

While the US is still the largest market for BPO investments, Yu said Cebu also is hoping to attract outsourcing companies from other continents like Europe.

The BPO industry in Cebu already employs over 50 thousand workers. This number is expected to grow as BPO giants are starting to locate here, like the large American outsourcing firm JP Morgan Chase & Co. (JPMC) that announced to open a 420-seat call center facility in Cebu at the Asia Town IT Park this March and would need at least 2,520 people in a two-shift cycle.

Department of Trade and Industry (DTI-7) regional director Asteria Caberte also reenforced the positive outlook for Cebu in 2010, saying the BPO industry will make Cebu among the richest economies in the Philippines starting 2010.

In tourism, Cebu had been able to grow in the first three quarters of 2009, saved by the active domestic traveling market.

Record from the DOT-7 regional office here, revealed that the more active domestic market that travels to different destinations in the country, including Cebu pushed the 5.4 percent jump of domestic arrivals to Cebu in the first nine months of 2009.

Cebu continues to be the top destination for foreign tourists with 321,116 in the first semester of 2009.

In 2010 tourism in Cebu is seen to drive economic rebound, said DOT secretary Joseph Ace Durano.

Durano said the expansion in air access from major tourist markets, including the new charter flights from Incheon, Busan, Shanghai, Guangzhou, and Kaohsiung as well as increase in room supply, aggressive promotion, public and private sector partnership to diversify the tourism products greatly contributed to the hike in visitor volume to Cebu.

The badly hit export industry on the other hand, is not losing hope. Instead, players are now preparing to enter the recovery year, armed with full market knowledge, technical expertise to fight the competitive market landscape.

The export sector which lost 33,059 jobs during the historical global recession is now starting to rehire displaced workers.

One of the largest export contributors— the furniture industry is expecting a slight rebound starting 2010.

“The worst had happened this year [2009] in the history of furniture industry. The business climate has changed. We just have to maintain conservative outlook,” said Cebu Furniture Industry Foundation Inc. (CFIF) president Angela Paulin, in a year-end press briefing.

From experiencing an all-time-low performance in the early part of 2009, Paulin said the industry has seen a slight improvement in the last two quarters of this year, although this is not a sure indication of a fully recovered market.

Record from the National Statistics Office indicating the performance from the Port of Cebu revealed that Cebu furniture exports contributed only $12.5 million in the first quarter of 2009, compared to $31.8 million in the same period of 2008.

However, the industry has seen a single digit growth, in the last few months, as bulk orders specifically from big retail chains in the United States have improved.

“While there has been slight activity - with orders coming in during the last quarter of this year - furniture players are taking a conservative stance. We need to see how the industry will perform after the first quarter of next year before we can conclude how well we will do by 2010,” said Paulin.

She said furniture players believe “the worst has happened for the local furniture industry” during the height of the global financial meltdown started in 2008, where the local industry contracted 30 percent in terms of closures of several companies, retrenchment of workers, and reduced work hours.

Likewise, Mandaue Chamber of Commerce and Industry (MCCI) president Eric N. Mendoza said that business players are anticipating a good year in 2010, as there are a lot of opportunities for investments that local and foreign capitalists could take advantage of.

The robust growth in tourism, BPO/ICT, and improving statistics in export sector encouraged some investors to position themselves as early as 2009 to seize a profitable opportunity in 2010.

According to Mendoza, the triple economic drivers of Cebu (tourism, BPO and exports) will provide good performance to other industries like retail, services, transportation, healthcare and wellness, among others.

While Cebu is anticipating a “cheerful” economy in the “Year of the Tiger”, private sector players are urging government executives both national and local government units to fix on basic infrastructure in order to sustain the expected growth.

Businessman and water expert Antonio Tompar said the upcoming election will provide opportunity for Cebuano people to choose leaders that have serious stance in fixing the basic infrastructure to complement the growth for the province.

According to Tompar, power and water problems should be addressed very seriously, otherwise, the sunny economic outlook for the province will be dampened because of poor supply of basic necessities.

“Investors will first look at the basic infrastructure first. Supply of water and power should be immediately fixed,” Tompar said. — /NLQ (THE FREEMAN)