Villar-led property developer Vista Land & Lifescapes Inc. is eyeing to generate P1.8 billion from its fifth high-rise residential condominium project in Makati City, which will be undertaken by its subsidiary Crown Asia.
Called The Gallery, the 32-storey condominium will house 300 units priced from P2.3 million to P5 million each. It is located along Leviste Street in Salcedo Village.
Project construction was started this month and would be completed in November 2011.
Earlier, the company said it expects to generate close to P17 billion from the sale of its condominium projects this year.
The Gallery marks Crown Asia's first entry into the high-end market following its affiliate Brittany Corp., which launched its first upscale condominium called Mosaic at Greenbelt last year.
Mosaic is slated for completion in December 2010, and is now fully sold.
Other Vista Land projects include the three-tower Laureano di Trevi in Makati City, the 42-storey Avant in Fort Bonifacio, the five-tower Marfori Residences in Muntinlupa City and the three-tower mid-rise Pacific Residences in Taguig City.
For the first nine months, Vista Land posted a consolidated net income of P2.77 billion, up 170.9 percent from P1.02 billion in the same period last year.
As of end-September, its assets stood at P40.22 billion. - Judith Balea
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