Vista Land spending P30 billion this year
Vista Land spending P30 billion this year
MANILA, Philippines — The Villar Group’s listed property developer has earmarked P30 billion this year to boost its residential offering and expand its land bank.
Vista Land & Lifescapes Inc. president and CEO Manuel Paolo Villar said 98 percent of this year’s capital expenditures budget would be for residential units’ construction and land development.
The remaining two percent would be used for land acquisition as well as investment properties construction.
From January to March, Vista Land posted an 11 percent year-on-year jump in net income to P3 billion as the company launched P10.1 billion worth of projects across the country.
Revenue generated by the company during the period likewise rose by 11 percent to P10 billion, with real estate revenue reaching P5 billion and rental income amounting to P4.1 billion.
“Our performance for the first quarter of 2024 has been in line with our asset optimization strategy. Both our residential and commercial businesses registered growth for the quarter,” Villar said.
Vista Land said it remains committed to optimizing its resources, especially its extensive land assets through Vista Estate developments.
Further, the company intends to enrich its portfolio with premium projects such as Brittany and Crown Asia, catering to the upscale market.
“We will also continue to maximize our leasable space which is currently at 1.6 million sqm of gross floor area or over 100 investment properties consisting of 42 malls, 56 commercial buildings and seven office buildings,” Villar said.
Vista Land said its strategic focus is on prioritizing mixed-use developments that blend residential and commercial components.
The company said its financial condition as of the first quarter remains healthy, allowing financial flexibility and enabling it to capitalize on emerging opportunities in the real estate sector.
“We look forward to 2024 as we will continue with our asset maximation and optimization strategy via our Vista Estates which now stand at 26 across the country. We remain optimistic with the industry as we continued with our project launches which in turn delivered a 12-percent growth in our reservation sales to P20.8 billion for the quarter,” Vista Land chairman Manuel Villar Jr. said.
On top of the company’s existing strategy, Manuel Villar said Vista Land likewise aims to solidify its foothold in the horizontal residential market with launches in several areas, specifically in the provinces.
“Having the widest geographic presence has been one of our strengths and now we have also expanded our offerings to include both horizontal and vertical residential products across the Philippines,” he said.