Vista Land & Lifescapes Inc., the country’s largest homebuilder, has secured a five-year corporate notes facility amounting to ₱13.61 billion, arranged by Chinabank Capital Corp.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said it made an initial drawdown of up to ₱7.22 billion at a fixed rate of 7.8947 percent per annum from the notes facility.

“The proceeds of the corporate notes facility will be used to refinance existing or maturing obligations of the group and for other general corporate purposes,” Vista Land Chief Finance Officer (CFO) and Investor Relations (IR) Head Brian N. Edang said.

For this transaction, he said Vista Land Group has entered into a corporate notes facility agreement with Chinabank Capital as sole arranger and bookrunner.

China Banking Corp. (Chinabank), through its trust and asset management group, is the facility and paying agent, notes registrar, and security trustee.

Vista Land’s subsidiaries—Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines Inc., Vista Residences Inc., and Vistamalls Inc.—are the subsidiary guarantors.

Last Dec. 22, Vista Land said it settled the ₱3.5-billion retail bonds issued on Dec. 21, 2018, using proceeds from advances provided by the company’s majority shareholders. The retail bonds matured on Dec. 22, 2025.

Vista Land reported that its net income increased by four percent, from ₱9.08 billion in the first nine months of 2024 to ₱9.46 billion in the same period this year.

The company recorded revenue from real estate sales of ₱13.98 billion for the first nine months of this year, up three percent from ₱13.59 billion in the same period in 2024.

This was primarily attributable to the increase in the overall completion rate of sold inventories of some of its business units, as well as the recognition of the significant financing component for the period.

Real estate revenue of Brittany increased by 105 percent to ₱2.37 billion from ₱1.16 billion in the same period last year, due to the higher number of sold homes completed or under construction, as well as lot-only sales in Mega Manila in the high-end or upscale residential segment.

Vista Residences’ revenues declined by 19 percent to ₱3.08 billion from ₱3.82 billion, principally due to the decrease in the number of sold condominium units completed or under construction during the period.

Revenues of Communities Philippines rose by five percent to ₱5.25 billion from ₱4.99 billion, driven by the increase in the number of sold homes completed or under construction outside Mega Manila in the affordable residential segment.

Camella’s revenues fell by seven percent to ₱2.7 billion from ₱2.89 billion, due to the decline in the number of sold homes completed or under construction in Mega Manila.

Crown Asia’s revenues dropped by 21 percent to ₱586 million from ₱740 million, also due to the decrease in the number of sold homes completed or under construction in Mega Manila in the upper-middle-income residential segment during the period, as well as the significant financing component recognized.

Rental income increased by three percent to ₱12.78 billion from ₱12.44 billion, driven by higher rental rates during the period.