By James A. Loyola
Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers, posted a 12 percent growth in net income to ₱9.1 billion for the first nine months of 2019 from the ₱8.1 billion earned in the same period last year keeping it on track for a banner year.
In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues increased by 9 percent to ₱34.4 billion from ₱31.4 billion in the comparable period a year ago.
Leasing revenues for the period increased by 13 percent to ₱5.8 billion from ₱5.1 billion in the prior year.
“We are well-poised to achieve another record year this 2019 as Vista Land continues to deliver solid performance both from our leasing and residential businesses,” said Vista Land Chairman Manuel B. Villar, Jr.
He reported that its reservations sales grew 8 percent during the period to ₱61.6 billion largely by overseas Filipino and over 90 percent end-users.
“As what we have said in the past two quarters, we remain bullish for the industry, given the sustained demand for our housing products as well as our success in our leasing business,” Villar said.
He explained that these are propelled by the steady growth in the disposable income, overseas Filipino remittances, sound Philippine macroeconomic fundamentals and the government’s drive to accelerate economic activities and infrastructure developments outside Metro Manila, “where we have a competitive advantage given that we have the widest geographic reach around the country.”
Vista Land President and CEO Manuel Paolo A. Villar said “We remain confident about the Company’s prospects for the rest of the year as our leasing portfolio will be growing which complements our existing core and stable end-user housing business.”
He noted that, “revenue growth from our existing investment properties of over 1.4 million square meters continues to be strong. In terms of our residential business, we launched projects with an estimated value of P28.3 billion during the first nine months of the year, most of which were our CoHo projects and outside Metro Manila.”
Vista Land intends to focus on the development of Communicities, – integrated urban development combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.