Posted on January 29, 2012 10:23:36 PM [ Businessworld Online ]
PROPERTY DEVELOPER Vista Land & Lifescapes, Inc. plans to launch 32 residential subdivision developments worth P32 billion this year in a bid to serve robust demand from overseas Filipino workers (OFWs).
“OFWs continue to be Vista Land’s strongest market and we intend to further cement our reputation as the runaway leader in this segment,” said Manuel Paolo A. Villar, Vista Land president and chief executive officer, in a statement released over the weekend.
This year, Vista Land will be opening subdivisions in 12 new areas nationwide.
OFWs from Europe, Middle East, and Asia account for more than half of the firm’s reservation sales, while 5-10% is taken up by Filipinos based in the United States, Mr. Villar noted.
Further, the firm will also expand 20 existing developments in light of the brisk sales of earlier-launched house and lot packages.
“Demand for our house and lot packages is very strong since studies have shown the Vista Land brands remain the most preferred by home buyers. Thus, we are strengthening our presence in existing areas while expanding our reach further by entering new markets,” Mr. Villar said.
Vista Land was able to meet its sales target for new and expansion areas last year, according to Ricardo B. Tan, Jr., Vista Land chief financial officer in the same press statement.
Vista Land had earlier aimed to hit P24 billion in full-year sales for 2011, earlier reports showed.
The company currently operates five property brands: Brittany that sells house-and-lot units for as much as P9 million each, Crown Asia for units worth P3.5 million to P9 million, Camella Homes for units P3.5 million and below, Communities Philippines that sells Camella Homes projects in the provinces, and condominium arm Vista Residences.
Last year, the firm launched 23 projects valued at P21 billion, eight of which were new locations.
Vista Land, owned by the family of Senator Manuel B. Villar, Jr., has so far delivered about 200,000 units to buyers since 1977, according to the company’s Web site.
The property developer hiked its nine-month net income last year by 20% to P2.16 billion from P2.06 billion in 2010 on the back of record sales and completion rates from its affordable housing segment Camella Homes.
Real estate revenues jumped 21% to P9.90 billion, while total cost and expenses for the January to September period last year grew by 22.20% to P7.840 billion.
Vista Land shares closed unchanged on Friday at P3.04 each. -- Franz Jonathan G. de la Fuente