Vista Land to build more medium-rise condos in 2011

Property developer Vista Land and Lifescapes Inc. on Thursday said it is spending about P7 billion to build medium-rise condominium developments this year. Sen. Manuel Villar-led Vista Land said in a statement that its seven new buildings will be launched under its relatively latest brand that focuses on medium-rise buildings — Camella Residences. "The launch of Camella Residences is another strategic move that leverages on the success of Vista Land's Camella Homes in the whole residential sector," said Vista Land president and chief executive officer Benjamarie Serrano. The seven new buildings will add to Vista Land's existing six medium-rise buildings presently being developed, according to Vista Land. Serrano pointed out that medium-rise condominium can be more efficient than high-rise projects. Medium-rise buildings can be turned over to owners within two years while high-rise condominiums require five years to be completed. "We are confident that Camella Residences will be a significant factor in the growth of Vista Land and [the] industry's vertical homes category," Serrano said. — JE/OMG, GMANews.TV