Vista Land and Lifescapes Inc., the property development arm of the Villar group, reported income over nine months this year growing 70 percent to P8.21 billion from last year’s P4.82 billion.
“We are delighted with the results as we remain optimistic of the industry the rest of the year, with strong GDP growth of 5.9 percent, sustained growth in overseas Filipino remittances and revenge spending by consumers, all of which contributed to the positive performance of the group,” Vista Land chairman Manuel B. Villar Jr. said.
He counted as crucial to their continued profitability this year the company’s launching of more projects and to the 10 percent growth in reservation sales of P53.1 billion during the period.
“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 existing resources, specifically our land as we remain committed to our mission of building communities across the Philippines that stands the test of time,” he said.
As of the third quarter, Vista Land launched 27 projects with estimated project value of P40 billion.
Consolidated nine-month revenue rose 18 percent to P27.4 billion. Real estate revenue posted double-digit 17 percent growth to P12.15 billion from last year’s P10.41 billion. Rental income totaled P11.83 billion, up 15 percent from last year’s P10.22 billion.
The greater part of revenue generated during the period came from its affordable housing brand called Communities Philippines, totaling P4.73 billion, followed by Camella awith P3.54 billion and Vista Residences, the condominium builder, with another P2.49 billion.
The increase in rental income was attributed to higher occupancy and the increase in rates including the upside from higher sales of variable rental based tenants.
“We are consistently enhancing our residential business by offering more vertical and upscale projects, while our leasing sector is maintaining its growth trajectory for the period,” Manuel Paolo A. Villar, president and CEO, said.
He said the company’s leasing portfolio of over 1.6 million square meters gross floor area across 45 malls, 56 commercial centers, and 7 office buildings, reported increased foot traffic exceeding pre pandemic levels.
Its land bank activities span over 3,085 hectares and strategically located across the country.
The business reported spending P21.3 billion as capital expenditure for the period, mainly for construction and land development.
