Vista Land & Lifescapes, Inc., the country’s largest homebuilder and one of the leading integrated property developers, has issued additional corporate notes amounting to P2.9 billion from its P12 billion corporate notes facility.
In a disclosure to the Philippine Stock Exchange, the firm said the three-year notes are due December 26, 2025 and carries a lower fixed interest of 7.2595 percent per annum.
The additional P2.9 billion issuance brings to P11.5 billion the total amount raised by the firm after its initial drawdown of P8.6 billion in December last year at 7.9314 percent per annum.
The proceeds of the additional notes will be used to refinance existing or maturing obligations of the Vista Land Group and for the other general corporate purposes.
For this purposed, Vista Land has entered into a Corporate Notes Facility Agreement with BDO Capital & Investment Corporation and China Bank Capital Corporation as Lead Arrangers and Bookrunners and Union Bank of the Philippines as Joint Lead Arranger.
China Banking Corporation – Trust and Asset Management Group as Facility Agent, and Vista Land’s subsidiaries namely Brittany Corporation, Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vista Residences, Inc., and Vistamalls as Subsidiary Guarantors.
Vista Land posted a 12 percent improvement in net income to P6.68 billion in the first nine months of 2022 from P5.98 billion in the same period the previous year.
The firm said it has launched 12 projects with an estimated value of about P21.8 billion by the end of the third quarter—double the full year 2021 level.
Included in the projects launched are one CrownAsia project, five Camella projects, and six Vista Estates projects namely, Aspen in San Jose del Monte, Bulacan; Vidarte in Antipolo, Rizal; Stanza in Tanza, Cavite; Praverde in Dasmarinas, Cavite; Allegria in General Trias, Cavite; and North Commons in Caloocan City.
“We are pleased with our performance specifically on our project launches this year (2022),” said Vista Land Chairman Manuel B. Villar, Jr.
He noted that, “Over the last two years we have revisited our reserved lands and we were able to initially identify over 60 potential Vista Estate projects across the country.”
Villar added that, “So far, we have launched 6 Vista Estates and this is just the beginning, we will be announcing more in the coming months. Our aim is to maximize our existing land to its best use.”
“We remain optimistic with the industry with the strong GDP growth recently announced coupled with sustained Overseas Filipino remittance and revenge spending from consumers,” he said.
Vista Land reported a consolidated revenue of P22.1 billion for the period with rental income amounting to P8.2 billion while real estate revenues was at P10.7 billion.
Reservation sales increased by 10 percent to P48 billion for the period. Overseas Filipino account for 60 percent of Vista Land’s sales as they take advantage of the higher peso for their dollars.
“Our leasing business have sustained its growth momentum given the return to “normalcy” and the so-called revenge spending. The footfall of our malls has been improving and even exceeded pre pandemic levels during weekends and holidays,” said Vista Land President & CEO Manuel Paolo A. Villar.
He added that, “We have over 1.6 million square meters of Gross floor area of commercial developments consisting of 45 malls, 56 commercial centers and seven office buildings. The funding for the expansion program of our investment properties is in place with our foray to the REIT through VistaREIT last June 2022.”