Crown Asia Residences: Living beside history

Malaya - Villar-led Vista Land and Lifescape, Inc. is sprucing up the compound of the late president Jose P. Laurel in Mandaluyong City with the development of a  two-tower condominium,  Crown Asia Residences Wack Wack, right beside the historical house of the late president. The project will be formally launched on Saturday, July 28.

The three-storey Laurel Mansion was built by the late president of the Japanese-sponsored Second Philippine Republic  stands on a-6,000 square meter (sq.m.) of prime land in Mandaluyong City.  A native of Tanauan, Batangas, Jose P. Laurel built the house on No. 515 Shaw boulevard  several years after he stepped down as president.

“The late President loved golf and wanted to have a house near the Wack-Wack Golf and Country Club, where he was wounded in an assassination attempt while playing golf in 1943. The mansion occupies 1,000 square meters of the land that was once overrun with cogon,” Vista Land said.

The construction of the Shaw boulevard house was said to have been rushed to be ready in time for the arrival of James Langley, a publisher of a New Hampshire newspaper. Laurel and Langley headed a group that forged the Laurel-Langley Agreement of 1956, which extended parity rights to Americans. In 1957, Laurel hosted a luncheon in Langley’s honor at the mansion.

Previously called Villa Pacienca, in honor of the late President’s wife, Pacienca Hidalgo, the Laurel Mansion is said to be the biggest of the three residences that the late president built ---  one in Tanauan and the other r in Paco, Manila, dubbed the Villa Peñafrancia.

It would later  become the headquarters of the Nacionalista Party.

Crown Asia Residences Wack Wack would have two towers, one with 36 storeys the other with 38. The development offers  studio units, one-bedroom units, and two-bedroom units with areas ranging between 32 sq.m. and  49.2 sq.m., priced between P2.2 million and P7 million.

“Crown Asia Residences Wack Wack has the most remarkable location of all of Crown  condominiums to date.  It will rise on prime land, as it is located on the corner of Laurel street and Shaw boulevard that once was the home of former President Jose P. Laurel and Vice President Salvador Laurel,” Vista Land said.

The “elegant” Laurel Mansion will become a commercial hub connecting the two graceful towers that will comprise Crown Asia Residences Wack Wack, the company also said.

“Probably the most ideal place to live in Mandaluyong, Crown Asia Residences’ newest residence will offer a view of the Wack Wack golf course -- the country’s oldest course, also deemed one of the finest in the world,” Vista Land said.

“Standing right on Shaw Boulevard – one of the city’s major arteries – it will provide immediate access to Shangri-La Plaza Mall, SM Megamall and Liberty Center, as well as the busy Shaw MRT station and EDSA itself,” it added.

Vista Land also said that as in all Crown Asia Residences developments, the Wack Wack complex will offer amenities that “modern-day Filipino families need to live the life they’ve always dreamed and worked very hard for.”

“The entrances and rotundas will be beautifully landscaped.  There will be a swimming pool, playground, basketball court, and a gym.  Function halls will serve as places for work, entertainment and community bonding, while 24/7 security facilities will provide the safety and comfort one needs to live in peace.  Every home will be designed with the same attention to detail and space-planning expertise Vista Residences is known for,” Vista Land said.

Sen.  Manuel Villar bought the house of the late president in 2008, reported to have been unoccupied for seven years before it was acquired.

The Laurels sold the property, it was reported, under the agreement that the historical mansion will not be torn down.

The Villars’ Vista Land is  aggressive in its property development, tapping into the growth potential of the property market in the back of improving economic condition, accommodating interest rates and the big backlog in unserviced demand.

Vista Land recently announced plans to invest P2 billion in the country’s “tourism highways” of Vigan in Ilocos Sur, Tagbilaran in Bohol, and Puerto Princesa in Palawan.

Vigan is famous for its Spanish-era houses and cobblestone streets, as well as its unique street food; Bohol is known for its “Chocolate Hills” and the indigenous tarsier; while Puerto Princesa gained worldwide prominence with the declaration of its underground river as one of the Seven Natural Wonders of the Modern World.

The projects, which will cover a total of 34 hectares, involve the construction of about 2,400 housing units, will have a market value estimated at P5 billion. They are among the  residential subdivisions that Vista Land plans to launch in 2012. In 2011, the company launched 23 projects worth a total of P21 billion.
“We have by far the broadest geographic reach of any developer with a land bank of 1,830 hectares,” said Manuel Paolo Villar Vista Land president.

Villar and other Vista Land officials also expressed confidence of hitting its target growth of 18-20 percent for the year as it reported its first quarter income at P1.06 billion, 22 percent higher than the P873 million reported a year ago.

Vista Land has allocated P32 billion as capital expenditures for the year, eyeing  to launch 32 residential subdivision projects nationwide.

Villar said the company will open 20 expansion projects in its numerous locations around the country as the company enjoyed brisk sales from the segment through projects been launched earlier. Villar also said that they will also launch horizontal developments in 12 areas that it will be entering for the first time since there is a need for more affordable housing units.

For more details on Crown Asia Residences Wack Wack and other Vista Land's projects, you may e-mail reby_ramirez@yahoo.com or contact her at 0922.883.9308 / 0916.4044.555 / 0919.699.3572 / 4044-534.

For latest update on real estate development and its RA 9646, the Real Estate Service Act of 2009, visit www.ra9646.com.

Camella dev’ts to dot PH by 2013

Malaya - Vista Land and Lifescape, Inc. through its Camella Homes brand has become the “Jollibee” and “Shoemart” of the real estate industry.

“We have discovered that  Camella is a preferred brand. We’re now like Jollibee or Shoemart. Every time we open (in an area), there is a magnitude of business  in the office. And so we feel good to be about not only giving more business to Vista Land but we are able to provide goods to our country nationwide,” said Vista Land founder Manuel Villar.

Speaking at the sidelines of Vista Land’s fund-raising ceremony Wednesday, Villar said the company expects to cover the Philippines by next year. Vista Land raised a P4.8 billion unsecured fixed-rate note from a syndicate of banks.

“We have decided to take advantage of the countryside. Not everyone knows that we have been putting up Camella Homes everywhere. Tuguegarao, Isabela, Candon, Vigan, all the way to Cagayan de Oro, Davao, Butuan, GenSan, Butuan. Now we are even in second-tier cities like Pagadian, Marbel, Valencia,” said Villar.

Key to Vista Land’s success in making  Camella an everyday brand is its focus on addressing the need of the overseas Filipinos who desire to have a house of their own in their place of origin.

“Before  (the properties they can  buy were limited) in major urban areas like Quezon City, Cebu City, and Davao. But now, there are Camella Homes in any major hometowns,” Villar said.

“That is our objective. We are eyeing about 15 to 20 more cities. By the end of this year, we would have opened in another eight cities.  We can say that by the end of next year, we would have covered this country.

In home building, we are way, way ahead of the competition. We want to increase this. We feel good about (the fact) that we are able to provide this service to our people,” he Villar said.

Having successfully developed the Camella brand, Vista Land  has other brands that  cater to the higher income segment of the market, Vista Land is also focusing on developing its retail space portfolio, setting up 5,000 to 50,000 square meters  of “small malls” in the designated commercial areas of its developments.
Vista Land  has   five mall developments set for completion --- Evia in Portofino in Las Pinas, one in Sucat, one in Antipolo, one in Muntinlupa, and another one in San Fernando. The company targets to bring the  portfolio to 50 in five years.

“Every year, there will be 10 (malls) and the whole objective is to put up 50 malls in five years,” Villar said.
Villar said the company has  also started construction of two more malls located in  Cagayan de Oro and in Cebu City.

“These are two of the programs we are pursuing now. We are very glad of the results. These two (residential and rental leasing) are very profitable for us. These will create a complete Vista land,” he said.
“We will now be known not only as a house-and-lot developer. We are now very much in the condominium (development) although it is only a very small phase. We also want to be in malls and other areas of real estate,” Villar  added.

Villar, however, expressed hope that the market will soon realize the company’s competitive advantage in the end-user segment of the property sector and have that reflected in Vista Land’s share price.

At yesterday’s close of P4.40 per share, the company is trading at less than 10 times its earnings per share, according to Villar.

Villar explained that what differentiates Vista Land from other property firms is that its developments are primarily horizontal and for end-users.

“Of the top 12 developer in the Philippines, we are the only one that is primarily horizontal. That is why I want to differentiate our market from the condo market. Yes, we also have condo (developments) but our market is basically end-user. When you talk about the 3.6-million backlog, you are talking about the housing backlog. Partially, there is a condominium (market) but a big part of the condo (market) is an investment market. But our market is 98 percent end-user. That’s different,” said Villar.

Villar said that given the company’s competitive advantage in a particular segment of the market, Vista Land’s valuation shouldn’t be far behind its peers in the market.

“If you look at other companies that take more than 10, we should have a double digit PE of 10 12, for a market controlled by us. But to me if we could increase that we should be having P42 billion in market cap, right now we only have P37 billion,” said Villar.

“To me a decent amount is not less than 10 times PE,” added Villar.

“Jollibee get a premium for being a leader in their industry. Shoemart gets a premium. Why are we not getting a premium for example for being number one in the industry.... To me, there is no reason why our PE has to be lesser than the competitor’s. Because here, we have a dominance of a very important sector of the market. In our market, we don’t have competition,” Villar said.

Vista Land officials are confident of hitting a target growth of 18 to 20 percent for the year as it reported its first quarter income at P1.06 billion, 22 percent higher than the P873 million reported a year ago.

Vista Land has allocated P32 billion as capital expenditures for the year with an eye to launch 32 residential subdivision projects nationwide.

Villar said the company will open 20 expansion projects in its numerous locations around the country as the company enjoyed brisk sales from the segment through projects been launched earlier. Villar also said that they will also launch horizontal developments in 12 areas that it will be entering for the first time since there is a need for more affordable housing units.

For 2013, Vista Land expects to hit a revenue of P20 billion, with profits at P4.2 billion.

For more details on Camella Homes' projects, you may e-mail reby_ramirez@yahoo.com or contact her at 0922.883.9308 / 0916.4044.555 / 0919.699.3572 / 4044-534.

For latest update on real estate development and its RA 9646, the Real Estate Service Act of 2009, visit www.ra9646.com.