In a statement, Vista Land said it has identified its 300-hectare Sta. Elena master planned city in Sta. Rosa, Laguna as the site for its initial foray into office building development.

The company is spending at least P5 billion in three years to develop its leasing portfolio in a 17-hecatare portion of that development, which will also include neighborhood centers and commercial developments.

“About 20 years back, we already anticipated that some of our extensive land bank, both owned and under joint-venture arrangement, would be used not just solely for residential but also for integrated property projects,” Vista Land chief executive officer and president Benjamarie Serrano said. 

“This is a long-term direction that forestalls urban growth in the south,” she added.  

Vista Land wants to grow its leasing portfolio in the next few years in line its strategy to diversify a revenue base that is heavily skewed toward real estate sales. The builder said the leasing segment is expected to contribute about P1 billion in revenues in three years. 

The domestic BPO sector said revenues grew 26 percent to $8.9 billion last year, and may grow to $25 billion by 2016, the Business Processing Association of the Philippines said.

Meanwhile, Vista Land said it has already developed 190 hectares at Sta. Elena into residential communities under its Brittany and Crown Asia brands, which serve the upscale and middle-income markets, respectively.

Developments at the Sta. Elena site are part of the company’s P45 billion budget through 2013 to build other communities in Evia in the Alabang-Las Piñas area; Lakefront in Sucat and Crosswinds in Tagaytay.

Vista Land expects net income to hit P3.4 billion this year, up 13 percent from 2010, on the back of sales from its flagship brand Camella Homes, which caters to the affordable housing market.  First-quarter net income rose 26 percent to P873 million as revenues were also up a fifth to P3.56 billion.

Vista Land shares closed flat at P3.16 each on Friday’s close.