Vista Land & Lifescapes Inc., the country’s largest home builder owned by the Villar Group, said Thursday net income climbed 10 percent in 2019 to P11.6 billion as its commercial leasing and residential businesses delivered strong results.
Vista Land said in a statement consolidated revenues grew 7 percent to P44.4 billion from P41.5 billion last year.
Leasing income went up 20 percent to P8.5 billion, while revenues from real estate increased by 3 percent to 32.8 billion.
“We are pleased with the company’s 2019 performance as both our leasing and residential businesses provided steady growth. Revenue growth from our existing investment properties of about 1.5 million square meters continues to be strong,” said Vista Land chairman Manuel Villar Jr.
The group’s residential business recorded reservations sales of P78.5 billion in 2019 after launching projects with total sales of P38.5 billion. These new projects consisted mostly of affordable housing and Camella Condo Homes projects.
“The start of 2020 has been challenging with the occurrence of a series of unforeseeable events, especially the COVID-19 pandemic. Vista Land will refocus on optimizing its existing portfolio of investment properties as well as utilize its current land bank of about 3,000 hectares,” Vista Land president and chief executive Manuel Paolo Villar said.
“We saw that demand for affordable housing persists and homebuyers, most of which are end-users, remain committed to completing payments. Vista Land also is taking advantage of its geographic reach. We have a presence in 147 cities and municipalities across the country and generate over 50% of our revenue outside Metro Manila,” he said.
Vista Land’s consolidated assets stood at P272.5 billion as of end-2019, up from P238.2 billion a year ago. Capital expenditures in 2019 amounted to P38.3 billion.
Vista Land said it would focus on developing integrated urban projects combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.