Vista Land & Lifescapes Inc., one of the country’s leading integrated developers and the largest homebuilder, plans to launch at least P60 billion worth of residential projects this year as it remains robust about the property sector.
Vista Land president and chief executive Paolo Manuel Villar said in a press briefing Thursday the company was expecting double-digit growth in net income and revenues this year on the steady growth of the residential business as well as increasing contribution from the leasing portfolio.
“We are confident about the company’s prospects for the coming year as we have delivered strong residential sales in 2018 and have a significant leasing portfolio now accounting for about a quarter of our net income,” said Villar.
Vista Land reported that it generated a record net income of P10.5 billion in 2018, up 16 percent from the previous year’s level.
Consolidated revenues rose 15 percent to P41.5 billion from P36 billion last year as sales from real estate grew 15 percent to 31.9 billion, while revenues from leasing business improved 15 percent to P6.9 billion. Reservations sales climbed 16 percent to P75 billion.
Vista Land ended 2018 with 1.4 million square meters of gross floor area.
Villar said the company would continue to focus on developing commercial spaces to boost the leasing income business. Vista Land had 31 malls as of the end of 2018.
Vista Land has been delivering record results, fueled by the strong performance of “We remain optimistic for the industry given the robust demand in our residential business as well as the continued growth of our leasing propelled by the steady growth in Filipinos’ disposable income, overseas Filipino remittances, and the infrastructure development around the country, especially in areas outside Metro Manila, where we have a competitive edge given our presence in so many areas of the country,” said Vista Land chairman Manuel Villar said.
Vista Land is looking at the possibility of filing another P20 billion in bond shelf registration program with the Securities and Exchange Commission to fund the rollout of more real estate projects. The bonds will be issued in tranches.
The property developer still has P5 billion remaining from a P20-billion bond shelf registration program approved by the SEC in 2017.