Mindanao has overtaken Luzon in terms of contributions to revenues of Camella Communities, one of the real property arms of Vista Land and Lifescapes Inc. (VLL), a top official of the company said Wednesday.
At the launching of Camella Toril, Teresa P. Tumbaga, Camella Communities president, said Mindanao has become the biggest contributor to the revenues of the brand because Luzon has matured as a market, while the company has been developing key projects in Mindanao because its properties have become ripe for development.
Last year when the Mindanao market started overtaking Luzon in revenue generation, said Tumbaga, was about 50% of the total revenues of the company.
Based on the VLL the annual report for last year, Camella’s revenue was at P9.8 billion, while in the second quarter report, its revenue was at P7.2 billion.
“Mindanao really is a huge market,” said Tumbaga, adding that the brand is concentrating on expanding its reach in Mindanao as the market has become better for the company owing to lower inflation and interest rates.
She added that what has helped the brand market its projects in Mindanao is the recent implementation of key infrastructure projects by the government. “(These projects in Mindanao) can really attract a lot of investors,” she said.
In Mindanao,Camella has six areas with 36 projects. Wendy Panaguiton, Mindanao operations head of the brand, said that in Cagayan de Oro, the company has 12 projects in one community, the Grand Europa.
Camella is under the Communities Philippines, a VLL subsidiary that was set up in 1991 and “offers low-cost and affordable residential properties outside the Mega Manila area,” its website said.
Tumbaga added that the brand will continue to ride on the massive development in the city as the city government confirmed it has been in negotiations with VLL for the setting up of an intermodal transport hub for the southern part.
Ivan C. Cortez, City Planning and Development Office coordinator and the guest of the event, confirmed the negotiations between the city government and the Villar-led company, saying that if it materializes, development in Toril will accelerate.
“(Toril) is a second economic growth area (next to the city center),” said Cortez, adding that the development of the transport hub will also benefit the company as it will provide an added attraction to its clients.
Although she did not comment on the negotiation for the transport hub, Tumbaga said that if it happens, the entire Villar property group, not just Camella Communities, will pursue projects in Toril which, aside from the 10-hectare Camella Toril property, it also has another bigger property to develop.
In the city, including the Camella Toril, the brand has five projects but within the next three months, said Tumbaga, it will start developing another project in Tugbok. Initially, the Tugbok project will have eight hectares but can be expanded to 20 hectares.
This developed as Tumbaga confirmed that the overseas Filipino workers (OFWs) have continued to be the biggest market for the brand. “Right now, majority of our buyers are still the OFWs, 65-70% are OFWs,” she said as the brand has introduced a mobile application, Camella AR3D, to help buyers visualize the units in its projects.