The P1.5-trillion Villar Land is pulling back the curtain on land prices as it faces scrutiny over values at its sprawling 3,500-hectare estate, a rising mixed-use development in Southern Metro Manila and Cavite.
This follows property acquisitions in Villar City last year that helped propel the company’s paper profits of P1 trillion in 2024, a record high in the Philippines.
In a recent statement, Villar Land said commercial lot prices in the portion of Villar City known as the Innovation District start at P345,000 per square meter (sqm).
The developer added that these values remain “competitive” when compared to Filinvest City’s P396,000–P592,000 per sqm and Ayala Land’s Cerca Alabang at P420,000.
A commercial lot is typically allocated for business use such as offices, malls, restaurants, or hospitals.
“These comparable rates validate Villar Land’s fair-value revisions, mirroring actual transaction values in the market,” Villar Land said in the statement.
Why this matters
Villar Land, previously known as Golden MV Holdings, Golden Bria Holdings, and Golden Haven, started out 43 years ago as a developer of cemetery plots before diversifying into mass housing.
In recent months, the group decided the firm will serve as its main vehicle for Villar City, the vast 3,500-hectare estate the family quietly assembled over decades.
These properties are now being injected into the publicly listed entity, Villar Land, with significant implications on earnings and the developer’s perceived value.
Record profitability
For example, in its 2024 earnings statement, Villar Land said net income surged 68,000 percent to just under P1 trillion, mainly due to a P1.33-trillion land revaluation.
Earnings soared after Villar Land purchased 366 hectares—roughly 10 percent of Villar City’s land area—for P5.2 billion.
InsiderPH previously covered details from this announcement last March.
Shares of Villar Land, last traded on May 15, remain suspended after the developer failed to submit financial reports to the exchange.
What Manny Villar said about his namesake city’s value
Villar said Villar Land’s valuation was justified given the scale and prices at Villar City.
Although the firm does not yet own all of Villar City at the moment, he suggested this is the future direction anyway.
“Just multiply 3,500 [hectares] times the value, you can get the price,” he told InsiderPH during a brief interview last March.
Villar says no current plans to sell Villar Land shares
He also said the company, which has a low public float and sometimes trades for just a few thousand pesos a day, is not interested in raising new money from the public.
“That’s finished. For the past 10 years, I’ve been developing. Wala na akong ginawa kundi to develop it [I’ve been developing this nonstop],” he said.
“If you go to Villar City, it’s almost fully developed. All the roads are there,” he said, referring to the infrastructure and land development.
Are the quoted prices fair?
Joey Bondoc, Colliers Philippines director for research, said developers can price their land however they wish, especially when this involves mega estates like Villar City.
“They can do this just like any other developer. But they need to be competitive in their pricing,” he told InsiderPH.
While Colliers did not appraise land in Villar City, Bondoc noted that commercial lots typically take longer to sell.
“The industry is really trying to push this but the take-up of commercial lots isn’t that fast and it really depends on the location,” he said.
“One developer tells me they sell commercial lots once every month,” he added.
Residential land is another component, but Villar Land has yet to disclose prices for new housing projects in Villar City.
Wait-and-see market
Bondoc also noted that demand for commercial properties depends on existing or planned developments in the area.
“It depends on who’s going to be the first buyers,” he said.
For example, a new shopping mall could spur demand for other developments such as offices for business process outsourcing (BPO) firms, restaurants, and a clinic or hospital.
“These new developments should be complementary so there’s a wait and see on what’s coming,” he added.
Richest Filipino
Villar, ranked by Forbes magazine as the country’s richest man, derives the bulk of his fortune from real estate, much of it locked within Villar City.
Based on Forbes’ latest rich list last April, Villar was worth $17.2 billion (P958 billion).
By comparison, second-ranked Enrique Razon Jr., who owns cargo ports, casinos, and energy producers, is estimated to be worth $10.9 billion by Forbes.
The key to Villar’s fortune
Is Villar Land’s P1.48-trillion stock market valuation justified?
While this raised eyebrows among investors and analysts using traditional financial metrics, the valuation appears to reflect the estate’s full future potential and expected land injections into the listed entity.
At P1.48 trillion, Villar Land is bigger than all its real estate peers and even corporate giants such as the Sy family-led SM Investments and Ayala Corp., the country’s oldest conglomerate.
It is also, by far, Villar’s most prized asset—at 75 times the size of his second-most valuable listed company, Vista Land & Lifescapes (P20.2 billion).
His five other listed entities, including two real estate investment trusts, are worth about P39 billion.
What’s next?
The tycoon, whose family wields power across both business and political circles, ends the statement with a sales pitch: there’s upside for those betting on Villar City.
In the future, it also expects Villar City will have access to railway and busway infrastructure projects.
“This leaves room for capital appreciation given the ongoing and upcoming developments,” according to Villar Land.
Whether that upside materializes, or is already priced in, remains to be seen.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
