Richest Philippine Tycoon Eyes Townships, Exits Low-Cost Homes
- Billionaire Villar to begin developing in 44 townships
- IPOs being considered for power plant, coffee shop businesses
Manuel Villar
Photographer: Ted Aljbe/AFP/Getty ImagesThis article is for subscribers only.
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.