This was confirmed by a market report of Colliers International Philippines, Inc.
"Based on a market scan of various vertical and horizontal residential projects in the Philippines developed by 14 major players in the real estate industry, Vista Land has captured 22% of the over 80,000 units of reservation sales in 2011 with the middle-income as their primary market,” Colliers said in its report on March 2012.
Vista Land & Lifescapes, Inc. (VLL), through its subsidiaries, is the Philippines’ leading homebuilder. In the years ended December 31, 2011, 2010 and 2009, the Company recorded consolidated revenues from real estate sales of P13,513.4 million, P11,338.5 million and P9,629.7 million, respectively. VLL provides a wide range of housing products to its customers, which are well balanced across all income segments. Since it commenced operations, the Company through its subsidiaries has built more than 250,000 homes.
VLL, through its subsidiaries, harnesses more than 30years of professional expertise in residential real estate development, and believes it has established a nation-wide presence, superior brand recognition and proven track record. Its projects include master-planned developments and stand-alone residential subdivisions which offer lots and/or housing and condominium units to customers in the low-cost, affordable, middle-income and high-end market segments. The Company has developed numerous "themed” housing and land development projects inspired by Mediterranean, Swiss, Italian, American, Caribbean and American Southern architecture and design. The Company believes that strict attention to detail in the execution of these themed communities helps to distinguish it from other companies in the high-end sector.
VLL’s primary business is the development and sale of horizontal real estate projects, which comprise residential lots and units in the high-end, middle market, low cost and affordable housing segments. In addition, VLL develops vertical residential projects, including low- to high-rise condominium developments.
As of June 30, 2012, VLL had 198 developments under construction in 28 provinces, 60 cities and municipalities located throughout the Philippines, including Metro Manila and the neighboring provinces of Cavite, Laguna, Rizal, Batangas and Bulacan ("Mega Manila”). The Company also has an extensive land bank available for future development. As of June 30, 2012, the Company’s land bank consisted of approximately 1,872.1 hectares of raw land, of which approximately 1,546.1 hectares are owned directly by the Company, and approximately 326 hectares are attributable to the Company pursuant to joint venture agreements with land owners. See "— Land Acquisition — Joint Ventures.”
The Company operates through five distinct business units:
- Brittany. Brittany caters to the high-end market segment in Mega Manila, offering luxury houses in master-planned communities, priced at P9.0 million or above. In 2004, Brittany ventured into the high-rise condominium segment with the launch of Viera at Muntinlupa City, and has since launched four more vertical projects. From 2009 to 1H2012 Brittany launched an aggregate of 4 horizontal and vertical projects in the Metro Manila area. As of June 30, 2012 Brittany had 18 projects (including one leisure project) with an aggregate area of 106.3 hectares under development. For 1H201 2, Brittany had P1,243.8 million in real estate revenues;
- Crown Asia. Crown Asia caters to the middle market housing segment in Mega Manila, primarily offering houses priced between P3.5 million and P9.0 million. Crown Asia has 28 projects with an aggregate of 141.7 hectares under development as of June 30, 2012. From 2009 to 1H2012, Crown Asia had launched 5 projects. For the 1H2012, Crown Asia had P1,060.7 million in real estate revenues;
- Camella Homes. For over 30 years, Camella Homes has been servicing the low-cost housing segment and the affordable housing segment (houses priced between P0.8 million and P3.5 million) in the Mega Manila area. Camella Homes markets its houses primarily under the "Camella” brand. According to the PSRC "Comfy2” Study in November 2010, Camella was acknowledged as the most preferred brand overall in the Philippine housing market, with 98% brand awareness and 51% brand preference. Camella Homes launched 14 projects from 2009 to June 30, 2012. As of June 30, 2012, Camella Homes had 35 projects with an aggregate of 272.4 hectares under development. For 1H2012, Camella Homes had P2,737.8 million in real estate revenues;
- Communities Philippines. Communities Philippines offers residential properties outside the Mega Manila area in the low-cost, affordable and middle market segments. The Company believes Communities Philippines has the widest coverage of developments in the regions outside Mega Manila of any homebuilder in the Philippines. Communities Philippines offers housing under the "Camella” and "Crown Asia” brands and utilizes Camella Homes’ and Crown Asia’s expertise and designs to offer houses in regional areas that it believes are on par, in terms of quality, with the developments in the Mega Manila area. Communities Philippines launched 59 projects from 2009 to 1H2012, and as of 1H2012, Communities Philippines has 95 projects comprising an aggregate of 811.7 hectares under development. These projects are located in 24 provinces covering most of the Philippines’ main urban areas, including Pangasinan, Pampanga, Iloilo, Cebu, Leyte, Misamis Oriental, Davao del Sur and General Santos. For 1H2012, Communities Philippines had P2,616.4 million in real estate revenues; and
- Vista Residences, Inc. Vista Residences offers vertical residential projects in the Mega Manila area. Vertical home projects generally involve longer project development periods and requirements that are different from horizontal homes. As of June 30, 2012, Vista Residences has 22 projects comprising an aggregate of 5.7 hectares under development. For 1H2012, Vista Residences had P417.7 million in real estate revenues.
VISTA LAND’S KEY STRENGTHS
The Company is a dominant player in the residential property market. Its principal strengths, which are discussed in the preceding sections of this Prospectus, may be summarized as follows:
- Solid product value offering and proven track record in horizontal residential projects in the Philippines;
- Diversified project portfolio across all income segments;
- Market leadership and strong brand names in every price segment; x Broadest geographic range of project developments;
- Positioned to capitalize on the strong Overseas Filipino market through its global marketing network;
- Sufficient prime land bank for future demand;
- Positioned to respond to the strong housing demand resulting from macroeconomic strength and supply-demand imbalance, particularly in the affordable housing segment;
- Experienced and cohesive management team; x Prudent financial management;
- Resilient business model; and
- Sustainable profitability and strong financial condition
VISTA LAND’S BUSINESS STRATEGY
The Company intends to achieve its key objectives, which are to strengthen its market position in its primary residential house and lot business and the vertical residential business, diversify its revenue streams and enhance the value and attractiveness of its properties, through the following strategies:
- Maintain leadership position in all price segment in housing
- Enhance the attractiveness of its projects to potential buyers
- Expand into additional cities with growing economies
- Increase focus niche markets
- Increase project launches
- Diversify its revenue base
- Build mid-rise residential developments
- Develop commercial centers within or near its residential developments
- Continue to invest in high-rise vertical projects
- Improve capital efficiency and financial flexibility
- Optimize use of joint ventures
- Focus on capital efficiency and diversify funding sources
VISTA LAND’S PRINCIPAL SHAREHOLDERS
As of the June 30, 2012, the Villar Family and companies controlled by them held 68.37% of the issued and outstanding share capital of the Company.
VISTA LAND’S PRINCIPAL EXECUTIVE OFFICES
Vista Land’s principal offices are at the 3rd Level Starmall Las Piñas, CV Starr Avenue, Pamplona, Las Piñas City, Philippines. The Company’s telephone number is (632) 584-5308 and the fax number is (632) 584-5731.
Do you have any positive experience with Vista Land? Tell us in the comment below.