Vista Land headed for another record year
Vista Land & Lifescapes Inc. grew its nine-month net profit by 12 percent in the nine months ending September to P7.1 billion on higher revenues from residential development and leasing operations.
Consolidated revenues went up 12 percent to P26.9 billion, P20.8 billion of which came from real estate which represented an increase of nine percent year one year. Leasing income grew 30 percent to P4.3 billion.
“We are pleased with our 9-month performance and we are well poised to achieve another record year. Vista Land continues to deliver solid results, driven by the substantial contribution of our commercial assets coupled with the sustained growth of our core housing business since the beginning of this year,” said Vista Land chairman Manuel B. Villar Jr.
“Our reservations sales continued the 12% growth registered in the past 2 quarters to end the 9-months sales at P48.7 billion. Again as what we have said in the past 2 quarters, we remain bullish for the industry, given the robust demand for our housing products as well as our success in our leasing business propelled by the steady growth in disposable income, OF remittances, sound Philippine macroeconomic fundamentals and the government’s drive to accelerate economic activities outside Metro Manila,” he added.
Manuel Paolo Villar, president and CEO of Vista Land, said the company had rolled out a P46.1 billion worth of projects during the period, its highest so far in the last three years in terms of project value launch. This was in line with its strategy to open in new areas aggressively.
“We are now present in 132 cities and municipalities and we are moving closer to our target of having a presence in 200 cities and municipalities in the near future,” the younger Villar said.
For the leasing business, Vista Land ended September with a gross floor area of over one million square meters of commercial space.
“We remain confident about our prospects for the rest of the year as we see a sustained resurgence in our residential business and our continued expansion of our rental spaces,” he said.
Over the near to medium-term, Vista Land intends to focus on the development of Communicities, an integrated urban developments combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.