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VISTA
Land & Lifescapes Inc., the newly incorporated property
holding firm of the MB Villar Group, would list its
shares by way of introduction at the Philippine Stock
Exchange (PSE) on June 25.
Listing
by way of introduction only involves the listing and
trading of a company’s shares at the bourse but not
necessarily selling these stocks to the public.
Vista
Land said it plans to eventually offer its shares to
both domestic and foreign markets but is still in the
process of completing the details on the share offering.
Based on
the company’s filing with the Securities and Exchange
Commission (SEC), a maximum of 2.5 billion shares to be
sold at a maximum price of P10 per share is being
contemplated by Vista Land.
“Proceeds [from] the public offering would be used by
the company to rapidly expand its operations and
strengthen its market position,” it said in a statement
issued Tuesday.
It has
appointed Switzerland-based UBS Investment Bank as sole
global coordinator and bookrunner with ABN Amro
Rothschild as colead manager for the planned offering.
Vista
Land combines the strengths of Brittany Corp., C&P
Homes, Crown Asia and Communities Philippines, making it
one of the largest homebuilders in the country offering
various horizontal residential products across all
income segments.
Brittany
is a major provider of luxury high-end homes in
master-planned communities. It units are priced at P9
million or above.
The
company recently ventured into the high-rise residential
condominium segment with Viera in Muntinlupa, Rizal,
Mosaic in the Makati central business district and the
newly launched Avant in Fort Bonifacio. As of end March
2007, Brittany had 12 projects (including one leisure
project) with an aggregate area of 258 hectares under
development.
On the
other hand, Crown Asia pioneered the development of
large scale themed projects catering to the middle
market and primarily offers middle class homes in Mega
Manila priced between P3.5 million and P9 million. Since
its establishment in 1995, Crown Asia has launched and
developed more than 20 projects, of which 14 projects
with an aggregate of 247 hectares were under development
as of March 31, 2007.
Meanwhile, C&P Homes carries the flagship brand Camella,
servicing the low-cost (including socialized) housing
segment (priced below P1.3 million) and the affordable
housing segment (P1.3 million to P3.5 million) in the
Mega Manila area for over 30 years now.
Last
year, Camella ventured into the condominium market with
the Pacific Residences launch in Taguig. As of March 31,
2007, C&P Homes had 19 projects with 216.0 hectares
under development.
For its
part, Communities Philippines has the widest
geographical reach among Philippine property developers,
offering residential properties under the “Camella” and
“Crown Asia” brands in the regions outside Mega Manila.
As of March 31, 2007, Communities Philippines had 22
projects covering 323 hectares under development in 13
cities and municipalities, including Pangasinan,
Pampanga, Bulacan, Batangas, Iloilo , Cebu, Leyte,
Cagayan de Oro and Davao.
Vista
Land said it has an extensive land bank available for
future development—1,434 hectares of raw land, of which
approximately 1,185 hectares were acquired directly and
about 249 hectares under joint venture agreements with
land owners. |
