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Manila Bulletin devider Business devider The Stock Market devider Vista Land core profit rises to P7.7 B in 2022

Vista Land core profit rises to P7.7 B in 2022

Published Apr 16, 2023 10:17 am
Vista Land core profit rises to P7.7 B in 2022 By JAMES A. LOYOLA Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers and the largest homebuilder, posted a 10 percent growth in core net income to P7.7 billion for 2022. In a statement, the firm said this comes after it launched a total of P40.0 billion worth of projects across the country last year—four times higher than the value of projects launched in 2021. “We remain bullish with the industry for this year especially with the level of our project launches last year. We have a pipeline of projects going into 2023 and we are slated to launch more projects this year as buyer’s confidence is back,” said Vista Land Chairman Manuel B. Villar Jr. He added that, “We have seen sustained growth in Overseas Filipinos (OF) remittance which is projected to grow by 4 percent this year. Demand from OF remained strong which resulted in the 12 percent growth in our reservation sales to P65.5 billion in 2022.” “We have also announced our shift to the upscale, vertical and commercial projects in our existing developments through our Vista Estates in various areas around the country. “To date, we have launched 11 Vista Estate projects in 2022 but this is just the beginning, we will be announcing more Vista Estate projects in the coming months. Our aim is to maximize our existing land to its best use,” Villar noted. Vista Estates is Vista Land’s version of integrated development of horizontal and vertical residences, commercial spaces, office components and lifestyle options that is aimed for sustainability, innovation, lifestyle-driven, world-class, and primed for growth. The Company reported a consolidated revenue of P29.8 billion for the year, slightly higher than the P29.6 billion registered in 2021.  Rental income amounted to P13.7 billion while real estate revenues were at P12.8 billion. “Our leasing business delivered in 2022 with a 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 and CEO Manuel Paolo A. Villar. He noted 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 into the REIT space through VistaREIT last June 2022,” the younger Villar added. He said that, “For our residential business, we have been aggressively launching vertical developments as we are maximizing the use of our prime land which have increased in value over the years. “We ended 2022 with a land bank size of 2,902 hectares which is typically 8 to 9 years of development but now with more vertical developments in our prime land, our land bank represents at least 27 to 30 years of development.” Capital expenditure for the 2022 was at P22.5 billion mainly for construction and land development. Land acquisitions remained muted as the Company disclosed that they are looking at maximizing its existing land bank.
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