Of the total, P6.5 billion had already been spent during the first quarter.
Vista Land president and CEO Manuel Paolo Villar is confident about their residential business as sales have started to pick up in June, reaching 70% of pre-COVID level. July sales were likewise higher than June.
“We are hoping that these encouraging signs in our residential business will continue. With the growing importance of staying at home, we are also seeing an increased preference for our housing products especially in the provincial areas,” the younger Villar said.
He said the company hopes to capitalize on its wide geographic reach. It currently has a presence in 147 cities and municipalities across the country.
Vista Land, however, said it was still closely monitoring the situation and changes in consumer behavior as a result of the “new normal”.
“We are revisiting our planned project launches as well as the expansion program of our leasing business for the rest of the year. And as previously mentioned, we have the capacity to fast track construction if we deem it necessary,” said the tycoon, founder and chairman of Vista Land.
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.