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Friday, March 29, 2024

Vista Land allots P27 billion for ‘21 capital expenditures

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Vista Land & Lifescapes Inc., one of the country’s leading integrated property developers and the largest homebuilder, said Monday it earmarked P27 billion for 2021 capital expenditures mainly for construction and land development.

Vista Land said in a statement with land acquisition activities still muted, it was planning to maximize and focus on developing existing land bank.

The company had 2,968 hectares of property in its land bank as of end-March 2021.

“We remain optimistic with the industry especially with current growth in overseas Filipino remittances for two consecutive months that is poised to hit the full-year target growth of 4 percent, according to the BSP [Bangko Sentral ng Pilipinas]. Over 50 percent of our sales come from overseas Filipinos and the demand from the sector remains resilient amid the current challenging time,” Vista Land chairman Manuel Villar said.

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“We are also looking forward to the vaccination rollout of the country in relation to the further opening of the economy which will benefit not just our industry but the country as a whole,” he said.

The company recently completed a $170-million dollar note offering as part of its liability management exercise. Proceeds from the offering would be used to fully refinance dollar debt maturing in June 2022.

Vista Land said net income declined 14 percent in the first quarter to P2.1 billion. The company, however, saw continued quarterly improvement as reservation sales for the period hit P16 billion, up 4 percent from the same period last year and 14 percent higher than in the fourth quarter 2020.

The company booked real estate revenues of P6.3 billion, down 13 percent from a year ago, while leasing income declined 9 percent to P2 billion.

Vista Land said its leasing business has the advantage of having majority of essential tenants, which is the main reason for the better performance of retail properties.

It said to boost residential business during the pandemic, the company took advantage of various digital initiatives to further expand sales and customer service.

These include the online reservation system for product offerings, expansion of online payment options, and shifting to virtual property tours.

“Our digital initiatives have become a permanent part of the company’s infrastructure. Our aim is to continue with our digital innovations to expand our reach as well as to better serve our clients and customers,” said Vista land president and chief executive Manuel Paolo Villar.

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