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Vista to sell $150-m bonds

By Jenniffer B. Austria | Mar. 17, 2014 at 12:01am [ manilastandardtoday.com ]

Property developer Vista Land and Lifescapes Inc. said it plans to refinance $150 million worth of dollar bonds maturing in 2015.

Vista Land president Manuel Paolo Villar said the company might issue $150 million worth of dollar bonds within the year to refinance a similar amount of bonds maturing next year.

“We would likely issue the bonds this year ahead of maturity,” Villar said.

The $150-million dollar denominated bonds will be on top of the P5-billion retail bonds that Vista Land plans to issue within the year to finance expansion of commercial projects.

Vista Land is the country’s leading housing developer and has a geographic presence around the Philippines. It caters to all income segments of the real estate market through four brands, including Camella, Crown Asia, Brittany and condominium developer Vista Residences.

Vista Land reported a 15-percent increase in 2013 net income to P5.06 billion from P4.38 billion in 2012 on higher real estate sales.

Total revenues reached P21.32 billion, up 22.5 percent from P17.39 billion in 2012 as real estate sales grew 23 percent to P20.02 billion from P16.33 billion.

Reservation sales increased 15 percent in 2013 to P46.1 billion.

The property firm plans to roll out P28 billion worth of residential projects this year, mostly for the low-income and affordable segments of the housing market.

The property firm said it planned to further expand its presence in low-income and affordable segments of the market as demand for housing was expected to remain robust this year.

The company allotted P21 billion for capital spending in 2014, up 22 percent from P17.2 billion in 2013, primarily for land acquisition and development and construction.

Vista Land said to sustain aggressive project launching, it planned to forge joint-venture partnerships with big landowners.

Vista Land had 1.888 million hectares in its landbank, of which 17 percent were under joint venture partnerships as of end-December 2013.

Share price of Vista Land closed at P5.28 on Friday, up P0.14 from previous week’s close.

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