Vista Land & Lifescapes, Inc., the property arm of the Villar family, said Tuesday its net income surged 39 percent in 2023 to P10.3 billion on aggressive project launches.
Consolidated revenues jumped 18 percent to P35.2 billion, marking an 18-percent increase, Vista Land said in a stock exchange filing.
The property firm launched 34 projects in 2023, with an estimated project value of about P50.7 billion.
“Our 2023 results showed our optimism in the real estate industry. We have launched over P50 billion worth of projects across the country. These launches were key to our reservation sales reaching about P72 billion,” Vista Land chairman Manuel Villar said.
“We are on our way with our maximization of resources strategy as the majority of our launches were vertical developments across the country and we will continue to do so in 2024,” he said.
Real estate revenue totaled P15.2 billon, up 19 percent from a year ago, while rental income amounted to P16 billion.
Vista Land president and chief executive Manuel Paolo Villar said the group’s residential segment showed an improvement after the negative growth since 2020.
“We will continue to pursue our residential segment now with the launch of more vertical, as well as higher-end products. This has been part of our overall strategy of asset optimization,” he said.
He said the company would also continue to launch master-planned developments through Vista Estates, which reached 26 located across the country. Jenniffer B. Austria
Vista Land’s leasing business ended the year with a total gross floor area of 1.6 million square meters or over 100 investment properties consisting of 42 malls, 56 commercial buildings and 7 office buildings.
The company ended the year with total assets of P342.4 billion, a 6-percent increase from end-2022 figure, while equity reached P132.9 billion.