Vista Land & Lifescapes Inc. expects reservation sales to hit P72 billion this year, up 12.5 percent from P64 billion in 2017, with the launching of at least P50 billion worth of residential projects this year.
Vista Land president Manuel Paolo Villar said in a press briefing the company was off to a good start in the first quarter of the year after registering a net income of P2.6 billion, up 13 percent from P2.3 billion year-on-year.
Consolidated revenues in the three-month period climbed 12 percent to P10.1 billion from P9 billion a year ago, boosted by sales from leasing and residential businesses.
Real estate sales rose 10.2 percent to P7.8 billion as demand for the company’s housing projects, especially from the migrant Filipino workers who account for 60 percent of total sales, remains strong.
Reservation sales increased 12 percent to P18 billion, or equivalent to 9,000 units. While leasing revenues expanded 14 percent to P1.64 billion.
“We have seen a continued growth in our leasing business as we continue to roll out our expansion programs to achieve our new upgraded target of 1.4 million square meters in gross floor area by end of the year,” Villar said.
Villar said with the company accelerating the construction of malls and offices, the leasing business now accounted for 23 percent of the total net income. He expects the figure to go up to 25 percent this year.
Villar said he saw the company’s 2018 performance maintaining if not exceeding the 2017 growth levels in terms of profits and revenues.
The group earmarked P50 billion in capital expenditures for this year.
“In addition to our rental spaces, which provides stability to our core and stable end-user housing business, we will continue to launch and open projects in new areas across the Philippines as we get on to our next 100 new cities and municipalities in addition to what we have at the end of 2017,” Villar said.
Vista Land had presence in 141 cities and municipalities across 47 provinces as of end March this year.