Homebuilder Vista Land & Lifescapes Inc. reported a net income of P9 billion in the first nine months of the year, up 12 percent from P8.1 billion year-on-year, boosted by higher residential and rental revenues.
Vista Land said in a filing with the Philippine Stock Exchange over the weekend nine-month consolidated revenues climbed 9.4 percent year-on-year to P34.35 billion from P31.39 billion.
“We are well-poised to achieve another record year this 2019 as Vista Land continues to deliver solid performance both from our leasing and residential businesses,” said Vista Land chairman Manuel Villar Jr.
He said reservation sales during the first nine-months of the year rose eight percent to P61.6 billion, with 90 percent accounted for by overseas Filipino workers.
“We remain bullish for the industry, given the sustained demand for our housing products as well as our success in our leasing business propelled by the steady growth in the disposable income, overseas Filipino remittances, sound Philippine macroeconomic fundamentals and the government’s drive to accelerate economic activities and infrastructure developments outside Metro Manila, where we have a competitive advantage given that we have the widest geographic reach around the country,” he added.
Real estate sales in the nine-month period amounted to P26.21 billion, up seven percent from ₱24.58 billion on year.
Rental income rose nine percent to P5.19 billion from ₱4,765 million on year.
“The increase was primarily attributable the additional gross floor area leased out of our investment properties during the period as well as increase in rental rates of our existing malls,” Vista Land said.
Vista land president and chief executive Manuel Paolo Villar expects the leasing portfolio to continue to grow to complement the company’s end-user housing business.
Vista Land as end of September had 1.4 million square meters of leasable space, mostly from retail and office projects.
The property firm launched residential housing projects with an estimated value of P28.3 billion in the first nine months of the year.
Vista Land is mainly focused on developing integrated urban projects, combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.