Called Camella Condo Homes Pasig (CCH-Pasig), the 10-storey condominium that will rise on a 1,271-square-meter (sq.m.) lot along Mercedes Avenue in Pasig City is targeted at young professionals and families with college-aged children, the statement said.

Vista Land is banking on the development’s proximity to business districts, commercial centers and schools to draw interest, the statement quoted Maribeth C. Tolentino, Vista Land chief operating officer, as saying.

“CCH-Pasig is strategically located as it has easy access [sic] to the work hubs of Ortigas, Bonifacio, Makati and Quezon cities, as well as schools and various malls,� Ms. Tolentino said.

CCH-Pasig joins Vista Land’s existing Camella Homes developments in Pasig City, namely: Camella Cerritos East along Mercedes Avenue and Abraza in barangay Pinagbuhatan.

CCH-Pasig will offer 171 studio and two-bedroom units with balconies, with floor areas of 21 sq.m. and 42 sq.m., respectively, and with the option to combine multiple units.

Studio and two-bedroom units will cost P1.4 million and P3.5 million, respectively, Vista Land said.

Moreover, four commercial spaces on CCH-Pasig’s ground floor will be leased to establishments.

The project offers occupants Wi-Fi Internet access, a clubhouse, a basketball court, a swimming pool, park and playground.

It will also have 24-hour closed-circuit television security and an underground drainage system to prevent flooding.

This comes as Vista Land launched 19 projects worth P13 billion in the nine months to September last year in 22 provinces and 52 cities and municipalities nationwide, the company reported in November 2011.

Expansion

Vista Land is engaged in the development of residential subdivisions as well as construction of houses and condominiums for middle- to high-income segments.

Apart from Camella Homes, the company also operates four other brands: Brittany that sells house-and-lot packages for as much as P9 million each, Crown Asia for units worth P3.5 million-P9 million, Communities Philippines that sells Camella Homes projects in the provinces, and condominium arm Vista Residences.

In a related development, Vista Land subsidiary Communities Ilocos, Inc. is a step closer to securing regulatory appoval to raise its capital stock by more than double as part of the group’s efforts to expand in the provinces, documents from the Securities and Exchange Commission (SEC) showed.

Documents showed Communities Ilocos filed the application on Dec. 29 last year and that SEC’s Finance Analysis and Audit Division endorsed the same to the regulator’s Company Registration and Monitoring Department for final approval.

Communities Ilocos wants to hike its authorized capital stock to P50 million from P20 million, documents showed.

“This is still in line with our plans to expand in the province,� Ricardo B. Tan, Jr., Vista Land’s chief financial officer, said in a phone interview on Sunday, adding that expansion involves the Camella Homes brand.

Mr. Tan said there is a 20-hectare Camella Homes project in Laoag City in Ilocos Norte with a market value pegged at around P2 billion.

In an earlier interview, he said the company would be looking for space near Camella Home developments for possible expansion.

Last Jan. 9, Communities Bulacan, Inc,. got the nod of the corporate regulator to increase its capital stock to P150 million from P50 million.

Other Vista Land units operating the Camella Homes brand have also bagged similar SEC approval, namely: Communities Tarlac, Inc. (P250 million from P20 million); Communities General Santos, Inc. (P200 million from P20 million); Communities Leyte, Inc. (P200 million from P20 million); and Communities Isabela, Inc. (P100 million from P20 million.)

Vista Land reported its net income rose 20% to P2.16 billion in the nine months to September from P2.06 billion the previous year. Its share price shed 0.32% to close at P3.08 last Friday. — FJGDLF and CHCV