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Tuesday, March 5, 2024

New projects helped boost Visla Land’s nine-month profit by 18%

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Vista Land & Lifescapes Inc. of the Villar Group said Thursday it posted a net income of P8.2 billion in the first nine months of 2023, up 70 percent year-on-year on aggressive project launches.

Vista Land said in a disclosure to the stock exchange nine-month consolidated revenues climbed 18 percent to P27.4 billion from a year ago.

Real estate revenue returned to double-digit growth of 17 percent to P12.2 billion, while rental income went up 15.7 percent to P11.8 billion in the period ending Sept. 30, 2023.

“We are delighted with our results, as we remain optimistic with the industry for the rest of the year with the strong GDP growth of 5.9 percent coupled with sustained growth in OF remittance and revenge spending from consumers, all of which contributed to the positive performance of the group,” Vista Land chairman Manuel Villar said.

Vista Land launched 27 projects with an estimated project value of about P40 billion from January to September this year. As a result, reservation sales grew 10 percent to P53.1 billion

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“With the holiday season approaching, we eagerly anticipate welcoming an increased number of customers to our commercial centers as well as our overseas Filipinos coming home during the holidays which bodes well for our residential sales. As we move forward, our aim is to maximize our existing resources specifically our land as we remain committed to our mission of building communities across the Philippines that stand the test of time,” Villar said.

Vista Land president and chief executive Manuel Paolo Villar said demand for residential developments remained robust as the company continued to enhance its residential business by offering more vertical and upscale projects.

He noted the strong interest in residential projects from overseas Filipino buyers who constituted about 60 percent of the company’s total sales.

The group’s leasing business is also maintaining its growth trajectory with a leasing portfolio of over 1.6 million square meters of gross floor area across 45 malls, 56 commercial centers and seven office buildings that experienced increased foot traffic exceeding pre pandemic levels.

“Our strategic approach to maximizing prime land is actively underway, with the continuous launch of Vista Estates nationwide. Currently, our land bank spans over 3,085 hectares and is strategically located across the country,” Villar said.

Vista Land spent P21.3 billion for capital expenditures in the nine-month period, directed mainly towards construction and land development.

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