VISTA Land and Lifescapes Inc., the property-development arm of the Villar family, is looking to expand its property holdings in Boracay Island in Aklan on strong interest from the buyers after the launch of its project in the island that sells residential units.
Vista Residences President and Managing Director Elizabeth Kalaw said the company may expand its current property in the island by acquiring an additional 15 hectares of land in one of the world’s top tourist destinations, known for its powder-white sand beaches.
Vista Residences is the condominium arm of Vista Land.
Kalaw said the company is still in the process of acquiring the land—or a possible joint venture with the current owners—and may launch another project during the latter part of 2017 or in 2018.
“We’re excited about the results of the interest. We’re planning to put additional launch. We’re exploring to get additional property in the area,” Kalaw said.
She added that when the company launched its residential project called Costa in Boracay, Vista Residences received a lot of interest from buyers who want to own a place within the tourist spot.
The Costa project is a 6.5-hectare property and cost at least P2.2 billion to construct and Kalaw said its next project would be probably be double of that amount.
“What’s good in Boracay is that there’s no off-peak season like in other resorts that peaks only in summer. Boracay is all peak season and there’s no off-peak,” she said.
“Costa Vista Boracay is another strategic step in expanding our presence in Boracay Island, bringing Vista Residences’ expertise in one of the most popular world beach destinations,” Vista Land Chairman Manuel Villar Jr. said earlier.
“We are taking advantage of the increasing number of tourist arrivals and the favorable macroeconomic condition of the Philippines. This will be attractive for both end-users and investors who are looking for either a home or a source of rental income,” he said. Costa’s midrise towers will offer 1,000 units of studio to two-bedroom units ranging from 24 to 48.6 square meters, with prices ranging from P3.6 million to P7.5 million.
This village of six- to eight-story towers will have a view of the beach since they will be built on hills 30 meters above sea level.
Kalaw said the project will include a convention center with a capacity of 800 to 1,000, as well as a hotel with villas and 200 rooms.
The development is sandwiched between Shangrila Boracay and Movenpick, but Costa Vista Boracay is the only property in the area with direct access to the beach.
In December Vista Land bought Boracay Sands Hotel for P157 million, as part of the company’s move to venture deeper into the hotel and hospitality industry in the country.