Bilyonaryo Manny Villar?s property holding firm Vista Land Inc. reported a 17 percent growth in its first quarter earnings to P2.08 billion, helped by a surge in income from lease operations.
In a stock exchange filing, Vista Land said revenue from real estate sales amounted to P6.44 billion, up six percent from the previous year due to the increase in the overall completion rate of sold inventories of business units particularly of Camella Homes and Communities Philippines.
Rental income surged 90 percent to P892 million, largely due to higher occupancy and rental rates of Vista Land?s existing malls and additional gross floor area of investment properties.
Miscellaneous income rose by nearly a fifth to P269 millions a result of the forfeited reservation fees and partial payments from customers whose sales contracts are cancelled before completion of required down payment as well as increase in the operating income and parking fees from the company’s malls under Starmalls.
Vista Land is the holding company of five residential business units, Britanny, Crown Asia, Camella Homes, Communities Philippines and Vista Residences with the addition of Starmalls, its commercial business arm.
At present, Vista Land is in 95 cities and municipalities across 36 provinces. It intends to focus on the development of ?communicities,? an integrated urban development combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.