Vista Land rolls out P28.3B residential projects in 1st half
Vista Land & Lifescapes, Inc has launched P28.3 billion worth of projects in the first semester, exceeding the total value of projects launched for the whole of 2016 amid a buoyant real estate market.
The Villar-led property firm reported a 15 percent jump in its first half profit to P4.5 billion on the back of a 16 percent hike in revenues to P14.4 billion. Reservation sales rose 12 percent to P32.3 billion.
“We are pleased with our first half results and we are very optimistic that we will achieve another record year. Vista Land continues to deliver solid performance, fueled by the substantial contribution from our commercial assets coupled with the regained momentum of our core housing business,” Vista Land chairman Manuel B. Villar said.
“We remain bullish for the industry, given the strong demand for our housing products as well as our commercial space propelled by the stable growth in the disposable income, OFW remittances, sound Philippine macroeconomic fundamentals and the government’s drive to accelerate economic activities and infrastructure developments outside Metro Manila, where we have a competitive advantage given that we have the widest geographic reach around the country,” Villar added.
Vista Land president Manuel Paolo Villar said the group is now present in 125 cities and municipalities and is closer to hitting its target of “having a presence in 200 cities and municipalities in the near future.”