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A real estate developer will increase residential projects in 2023

As the situation improves with the reopening of the economy, homebuilder and integrated property developer Vista Land & Lifescapes Inc. will accelerate the introduction of residential projects in 2023 to help reduce the growing housing backlog.

On Saturday night, Manuel Villar Jr., the chairman of Vista Land, told reporters that despite the industry’s continued growth and the country’s robust economic performance, the company is still positive about it.

“We’ll take a bigger role in housing. Due to the pandemic, we have been holding back for three years, but we have not stopped. We were still in the market, but we were less aggressive about pursuing it,” he said.

Villar stated that the company will construct more vertical housing projects than horizontal ones in the upcoming year as the economy continues to improve.

Because land is becoming increasingly expensive, he remarked, “If these are vertical dwellings, you can preserve more land.”

He noted that this year saw a turnback toward developing more vertical housing projects, and by the end of 2022, he anticipated a 50-50 split between vertical and horizontal housing developments.

In order to serve different market segments, high-rise and mid-rise condominiums will be constructed, according to Villar.

By the conclusion of the third quarter of 2022, Vista Land has launched 12 projects with a total projected value of about PHP21.8 billion. The project value increased by two times its full-year 2021 level.

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