Homebuilder Vista Land & Lifescapes Inc. plans to unveil P42 billion worth of projects this year, higher than the original target of P30 billion, as it expects 2017 to become a banner year for the company.
Vista Land president Manuel Paolo Villar said in an interview following the 10th listing anniversary at the Philippine Stock Exchange that the company had also increased its planned capital spending this year to P35 billion from P30 billion.
Vista Land as of the first quarter of the year launched P12 billion worth of projects and posted reservation sales of P16 billion, up 12 percent year-on-year.
“We are confident about the prospects for our company. In addition to the expansion of our rental spaces, which provides stability to our existing core and stable end-user housing business, we will continue to open in new areas across the Philippines as we move to be present in 200 cities and municipalities,” Villar said.
He said the company was expected to post double-digit growth in revenues this year while its net income is targeted to increase in the high single-digit level.
Villar said the company plans to hit 1 million square meters of gross floor area this year in the leasing business and 1.3 million by 2018. The bulk will come from commercial and shopping malls it will build under the Starmall and Vista Mall brands.
Vista Land has 17 shopping malls, with 12 under construction and slated for completion over the next two years.
Vista Land said it planned to expand its geographic reach to 200 municipalities and cities over the next two years from current 121 to strengthen its leadership in the house and lot segment of the residential market, .
Vista Land is one of the few publicly-listed real estate companies that generates over half of its real estate revenue outside mega Manila.
The company’s net income quadrupled to P8 billion in 2016 from P2 billion in 2007 for a compounded annual growth rate of 17 percent.
“2017 promises to be another banner year for Vista Land. We are pleased to have been able to achieve solid growth over the last decade and should have no problem continuing the trend this year,” said Vista Land chairman Manuel Villar Jr.
“We are bullish for this year and our positive outlook is due to the continued expansion of our commercial assets in addition to our core housing business on the back of sound Philippine macroeconomic fundamentals,” he added.
