Vista Land & Lifescapes, Inc., the country’s largest homebuilder, is spending at least P50 billion for residential projects in 2019.
In a statement, Vista Land president and chief executive officer Paolo Villar said most of these projects were in the low and affordable segment, and outside Metro Manila.
“The company launched residential projects with an estimated value of P16 billion during the first semester of 2019, and are looking at adding more for the remaining half of the year as we see the continued demand of our core residential business both from overseas filipino and domestic homebuyers,” he said.
The company registered an 11-percent growth in net income for the first semester of 2019 to P5.8 billion from P5.2 billion in the same period last year.
Consolidated revenues also rose by 11 percent to P23.4 billion from P21.1 billion in the comparable period a year ago.
Leasing revenues for the period increased by 17 percent to P3.9 billion from P3.3 billion in the prior year period, driven by the increase in leasable spaces from malls.
“Our leasable spaces are mostly retail malls which limit our POGO (Philippine offshore gaming operators) exposure and any crackdown to those POGO will not impact to our overall financial performance,” Villar said.
Vista Land 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.