The Philippines’ largest housing developer, family-controlled Vista Land and Lifescapes, has promoted the second generation of the family to a higher position, as the company looks to expand operations.
The Manila-based group said in a statement that Manuel Paolo Villar, son of company founder Manuel Villar Sr, has been appointed as group president and chief executive.
Prior to this appointment, the 35-year-old was the chief financial officer at the Philippines group. He joined the family business in 2001, two years after graduating from the Wharton School of the University of Pennsylvania.
According to the company statement, the move comes as Vista Land looks to expand its building operations in more areas in the Philippines.
Villar played an important role in listing the company on the Philippine Stock Exchange in June 2007. He replaces non-family Benjamarie Therese Serrano who will become a senior executive member in the investment holding company of the Villar family.
Vista Land was founded by Villar Sr in 1975 – he is today one of the richest men in the Philippines with an estimated wealth of over €400 million according to Forbes.
The group had 2010 sales of PHP 20.6 billion (€337 million) and net income of around €50 million.