Vista Land & Lifescapes Inc., a company owned by former senator Manuel Villar, said net income in 2015 rose 14 precent to P7.2 billion on higher sales from residential and rental businesses.
The company’s 2015 financial performance included contribution from Starmalls, which became a subsidiary after its acquisition last year.
Vista Land president and chief executive Paolo Manuel Villar in a press briefing consolidated revenues increased 12 percent to P28.7 billion, as real estate sales increased 12 percent to P24.5 billion, while rental income surged 44 percent to P2.77 billion from P1.9 billion in 2014.
“We are very pleased to report that 2015 is another record year for the Company,” Villar said
“Our strategy in the residential sector is paying off and our recent acquisition of Starmalls adds stability to our existing operations. As we integrate both platforms, the complementary nature of residential and commercial developments will enable us to achieve higher selling prices, increased sales velocity and higher retail rental rates from our improved integrated product offering, as well as lower land acquisition and infrastructure costs,” he added.
Vista Land aims to end 2016 with 850,000 square meters of malls space from the current 509,000 square meters to further expand its recurring business. The additional retail space will come from the opening of new malls and expansion of existing ones.
Vista Land chairman Manuel Villar said the company the company would also expand other real estate businesses, including office developments, to strengthen its position as one of the leading integrated property developers in the Philippines.
Vista Land plans to have one million square meters of leasable space by 2017.
“We have identified about 100 areas or over 600 hectares of land from our exisitng Communicities around the country with ready population catchment areas for potential Starmalls projects,” Villar said.
Villar, one of the 11 Filipino tycoons billionaires that have made it to Forbes’ annual list of the world’s billionaires, said he was considering the possibility of creating a new holding company for all his businesses.
Villar said he was one of the few billionaires that had no listed holding company.
Retail tycoon Henry Sy has SM Investments Corp., while Lucio Tan owns LT Group Inc. John Gokongwei owns JG Summit Holdings Inc., while George Ty holds GT Capital Holdings Inc.
