Philippines House Market: Manuel Villar Eyes Townships, Exits Low-Cost Homes - Bloomberg

2022-06-15 12:54:49 By : Ms. tina xiao

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Billionaire Manuel Villar plans to begin developing and pre-selling properties in 44 so-called townships within a year, in a shift away from low-cost homes that helped him become the richest tycoon in the Philippines.

The mixed-used projects, located in 23 cities and with a combined area of 1,438 hectares, could boost Vista Land & Lifescapes Inc. worth, which should be three times its current value, said Villar, 72 and the company’s founder and chairman. Developing a hectare in the townships could cost 1.36 billion pesos ($26 million), he said in a briefing Thursday.