Vista Land to issue dollar notes

Villar-owned property firm Vista Land & Lifescapes Inc. is set to raise fresh capital through the issuance of dollar notes, the company said on Wednesday. In a disclosure to the Philippine Stock Exchange, Vista Land said its board of directors approved the issuance of $100 million notes. The guaranteed notes will have an interest of 8.25 percent due in 2015. "The board further authorized the implementation of all necessary corporate and other actions to proceed with the offering and the issuance of the...notes, and authorized and empowered management to decide on the final issue size," the company said. Vista Land recently announced that it is seeking to expand in 16 new areas across the country including Ilocos Sur and Ilocos Norte; La Union; Nueva Ecija; Bicol; Batangas; Quezon; Bataan; Pampanga; Davao; Butuan, Agusan del Sur and Zamboanga. According Benjamarie Therese N. Serrano, Vista Land chief executive officer, the company’s expansion into these locations seeks to serve the needs of its overseas Filipino workers (OFWs) market. “The majority of our OFWs hail from the provinces and there is strong preference for house and lot in their hometown or province of origin which they intend to live-in with their families," said Serrano. A significant chunk, about 60 percent, of Vista Land’s reservation sales come from OFWs, particularly those based in Europe, Middle East, and Asia. At least five to 10 percent of the total sales uptake is cornered by US based Overseas Filipinos. Vista Land has allocated P45 billion for capital expenditures from this year up to 2013. Future Vista Land developments include vertical projects, commercial space, BPO office buildings, and more residential properties. -- CMA/OMG, GMA News