Vista Land & Lifescapes Inc., a listed unit of the Villar Group, posted net income of P6.4 billion for the first half, an 11 percent increase from last year as the leading integrated property developer and the country’s largest homebuilder continued to expand its development portfolio.
“We are pleased with our performance in the first semester of 2024, as we have maintained our growth trajectory. We are committed to continuing our strategy of asset maximization and optimization through Vista Estates, which now encompasses 26 locations nationwide,” said Vista Land chairman Manuel Villar in a statement.
“We also aim to solidify our foothold in the horizontal residential market with several launches in provincial areas given our wide geographic presence in the country. This year’s increased project launches contribute significantly to our extensive project pipeline and have positively impacted our reservation sales, which totaled P39.2 billion for the first semester—a 10 percent increase compared to the same period last year,” he added.
Manuel Paolo A. Villar, president and chief executive officer of Vista Land, said the results in the first half highlight the company’s asset optimization strategy that pushed growth in both residential and commercial segments of the business.
“We now have over 1.6 million square meters of gross floor area across more than 100 commercial properties, including 42 malls, 59 commercial centers, and seven office buildings. Foot traffic is increasing as more people return to our malls and commercial spaces. With a land bank of 2,969 hectares, we plan to launch more upscale and vertical residential projects, integrated with commercial developments in our master-planned communities, to maximize our prime land. The Company spent P13.6 billion on capital projects in the first half of 2024,” he said.
On 30 July, Vista Land successfully raised USS350 million in notes due 2029. The proceeds will be used to refinance the company’s dollar bond maturing in November 2024, effectively eliminating refinancing risk for the year. The company intends to call the maturing bonds as early as October 2024.
Vista Land boasts the country’s widest geographically diverse portfolio, with an unrivaled nationwide presence across 147 cities and municipalities in 49 provinces. The company’s extensive land bank spans over approximately 2,969 hectares, with 60 percent in provincial areas and 40 percent in Mega Manila areas. Notably, Vista Land has zero exposure to Philippine offshore gaming operators (POGOs) in both its residential and office properties, meaning the recent ban on POGO operations, effective 22 July, has had no impact on the company.
