Vol. XXI, No. 198 [ Business World Online ]
Friday, May 9, 2008 | MANILA, PHILIPPINES
VILLAR-LED property firm Vista Land & Lifescapes, Inc. saw an 88.9% jump in profits for the first quarter, driven by strong housing sales of its mid-cost brands C&P Homes and Communities Philippines.
a Brittany Corp. project in Sta. Rosa, Laguna.
Vista Land residential projects fall under four brands —
Crown Asia and Brittany for the high-end market,
and C&P Homes and Communities Philippines for the middle-income markets.
Consolidated net income for the period reached P781 million, the company said yesterday.
"Our core net income increased by 88.9% compared to the P413 million registered in the same period last year, as real estate revenues of all our subsidiaries continued to grow," said Ricardo Tan, Jr., senior vice-president for finance and chief information officer in a statement.
The company said revenues from real estate sales reached P2.62 billion, up by 30% from P2.01 billion in the same period last year.
Vista Land builds residential projects under four brands — Crown Asia and Brittany Corp. for the high-end market, and C&P Homes and Communities Philippines for the middle-income markets.
Vista Land has a total land bank of 1,795 hectares with total consolidated assets reaching P45.14 billion as of the first quarter.
The company said that from January to March this year, it was able to launch 10 new projects valued at P7.3 billion. For the full year 2008, it plans to increase project launches to 43, from only 28 last year. The projects will be worth approximately P53 billion.
Among the projects lined up this year are KL Mosaic in Legaspi Village and its first high-rise condominium in Salcedo Village. Both are in Makati.
It will also build a mixed-use development in Quezon City and a second building for its low-rise Pacific Residences II project in Taguig.
In Cavite, Vista Land will also expand the Cerritos and Ponticelli II housing projects. Two separate leisure homes developments will also be built in Boracay and Cebu.
The country saw a property boom ten years after the financial crisis as investments in the sector became attractive to Filipinos on the back of low interest rates and increasing remittances from overseas workers.
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