DAVAO CITY — Mindanao is now the top market and revenue earner of Camella Communities, one of the real property units of Vista Land and Lifescapes, Inc. (VLL), a top official of the brand said Wednesday.
Camella Communities President Teresa P. Tumbaga said while Luzon has matured as a market, they have been expanding in the southern mainland, particularly in key cities that are ripe for residential developments.
“Mindanao really is a huge market,” said Ms. Tumbaga at the launching of Camella Toril in Davao City.
She said the Mindanao projects accounted for about 50% of Camella revenues last year when it started to overtake Luzon as the main market. The company also has projects in the Visayas.
Based on VLL’s 2018 annual report, Camella’s revenue was at P9.8 billion. In the second quarter this year, the subsidiary’s revenue was P7.2 billion.
Ms. Tumbaga said government infrastructure projects around Mindanao has boosted the real estate market. “(These projects in Mindanao) can really attract a lot of investors.”
Overseas Filipino workers comprise the most number of buyers at 65-70%, she said.
Camella currently has 36 projects in six Mindanao areas, with the biggest in Cagayan de Oro City with 12 at the Grand Europa complex.
In Davao City, the brand currently has five projects and another one is planned for launching within the next three months.
To complement the housing projects, Ms. Tumbaga said they are also discussing with the city government the development of an intermodal transport hub in the southern part.
City Planning and Development Office coordinator Ivan C. Cortez, who was at the launching event, said they welcome the plan as it will accelerate development in the Toril district.
“(Toril) is a second economic growth area,” said Mr. Cortez.
Camella is under VLL’s Communities Philippines, set up in 1991 for “low-cost and affordable residential properties outside the Mega Manila area.” — Carmelito Q. Francisco