By Jenniffer B. Austria | Aug. 13, 2015 at 11:45pm
Vista Land and Lifescapes Inc. said it plans to launch at least P15 billion worth of real estate projects in the second half of the year after posting strong first-quarter financial results.
Vista Land president and chief executive Manuel Paolo Villar said in an interview the company was launching more projects, especially in Evia City in Daanghari following the opening of the Muntinlupa-Cavite Expressway last month.
Vista Land in the first half of the year unveiled 27 projects with total sales value of P20.7 billion.
Villar said the company planned to forge several joint venture partnerships that would boost its land bank.
It is also “seriously looking” at Clark Green City, which the government-run Bases Conversion Development Authority plans to bid out this year.
Villar said the company was attracted to Clark Green City because of its potential to be transformed into a hub for commercial activity and the infrastructure in the area.
Meanwhile, Vista Land reported a 10-percent year-on-year growth in the first six months of 2015 in both net income and revenues.
Net income in the January-to-June period reached P3.1 billion from P2.8 billion year-on-year, while revenues amounted to P12.2 billion from P11 billion in 2014.
Reservation sales increased 9.5 percent to P28.3 billion from P25.9 billion a year ago.
“Vista Land remains firmly on a solid growth path driven by the sustained momentum in our housing business,” Vista Land chairman Manuel Villar said.
“Demand for housing continued to be strong, particularly in the price segment dominated by our Camella brand. Our continued expansion in the provincial areas is taking advantage of the rising middle class in the country and has solidified Vista Land’s dominant position in the housing in the Philippines,” he added.
The company is on track to hit P1 billion in rental revenues by 2017 as more commercial and office projects are being built to meet the 200,000 gross leasable space by 2017.
At least 80 percent of the P1-billion rental revenues target will come from retail and commercial developments, while 20 percent will be accounted by planned office developments for business process outsourcing companies.