Vista Land and Lifescape Inc. remains confident of a robust overseas Filipinos (OFs) market for the property sector, securing its continued growth.
The company in a statement said sales of its residential projects have been in increasing trend as OFs benefit from the higher peso value of their remittance.
OFs take up majority of Vista Land’s buyers.
“We are excited going into the last quarter of the year with both our residential and leasing businesses continuing with its upward trend. We are slated to launch more projects this quarter as we take advantage of the renewed confidence from our overseas Filipino buyers,” said Manuel Villar, Vista Land chairman.
“Such confidence is also seen in the performance of our retail stores which translates to better mall revenues,” he added.
Villar said Vista Land launched P11 billion worth of projects as of the first half of the year which exceeded projects launched in 2021.
Manuel Paolo Villar, Vista Land president, said since 2020, the company managed its leverage through reduction in capital expenditures while talking advantage of existing land bank for developments.
“Our residential business is self- funding as 80 percent of our buyers are mortgaged finance while the expansion of our leasing business will be through our REIT (real estate investment trust) offerings,” he said.
“We also have a diversified funding sources which is a factor to our liability management exercise. Our net debt to equity stood at or 0.88 by end of June 30, 2022, he added.
Overseas Filipinos and our existing communities drive our residential and leasing businesses respectively and so far, we have seen this to continue,” he added. – Ruelle Castro
