Vista Land & Lifescapes Inc., one of the country’s leading integrated property developers and the largest homebuilder owned by Philippines' richest Manuel B. Villar Jr., posted an 11 percent improvement in net income to P3 billion in the first quarter of 2024 from P2.7 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said it launched a total of P10.1 billion worth of projects across the country during the period under review.
“We look forward to 2024 as we will continue with our asset maximization and optimization strategy via our Vista Estates which now stand at 26 across the country," said Villar, chairman of Vista Land.
He also said they remain optimistic as they continued with project launches which in turn delivered a 12 percent growth in its reservation sales to P20.8 billion for the first quarter this year.
In addition to existing strategy, Villar said they will also aim to solidify foothold in the horizontal residential market with launches in several areas, specifically in the provinces.
“Having the widest geographic presence has been one of our strengths and now we have also expanded our offerings to include both horizontal and vertical residential products across the Philippines,” Villar noted.
Vista Land reported a consolidated revenue of P10 billion for the first quarter of this year, up 11 percent from P9.2 billion in the same quarter of 2023.
Real estate revenue registered at P5 billion, while rental income amounted to P4.1 billion for the three-months ended March 31, 2024.
Gross profit was at P3 billion, while EBITDA amounted to P6 billion. Vista Land improved its gross margin by 230 basis points to 61 percent.
“Our performance for the first quarter of 2024 has been in line with our asset optimization strategy. Both our residential and commercial businesses registered growth for the quarter,” said Vista Land President and CEO Manuel Paolo A. Villar.
According to the younger Villar, “we will also continue to maximize our leasable space which is currently at 1.6 million sqm of gross floor area or over 100 investment properties consisting of 42 malls, 56 commercial buildings and 7 office buildings.”
The company has allotted capital expenditure budget of P30 billion for the year of which 98 percent will be for residential units’ construction and land development. Land acquisition as well as investment properties construction will account for the remaining two percent of the budget.
A total of P7 billion was spent for capital expenditure for the three months ended March 31, 2024.
Vista Land remains committed to optimizing its resources, especially its extensive land assets, through Vista Estate developments across the nation.
The company will further enrich its portfolio with premium projects such as Brittany and Crown Asia, catering to the upscale market.
Moving forward, Vista Land's strategic focus will be prioritizing mixed-use developments that seamlessly blend residential and commercial components, ensuring that both current and future projects create and support comprehensive and vibrant communities.