VISTA Land & Lifescapes Inc. grew profit in the first quarter of the year by 10 percent to P11.6 billion, from P10.5 billion a year ago.
Revenues went up 7 percent to P44.4 billion from P41.5 billion last year.
“Leasing income posted an increase of 20 percent to P8.5 billion. Revenues from real estate likewise increased by 3 percent to 32.8 billion,” the company said.
Manuel Villar Jr., Vista Land chairman, said the company’s revenue growth from 1.5 million square meters investment properties “continues to be strong.”
“In terms of our residential business, we have recorded reservations sales of P78.5 billion as well as launched projects mostly outside Metro Manila with an estimated value of P38.5 billion for 2019, composed of affordable housing and CoHo projects, our version of mid-rise buildings,” Villar said.
Manuel Paolo Villar, Vista Land president, however noted 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. We saw that demand for affordable housing persists and homebuyers, most of which are end users, remain committed to completing payments,” the younger Villar said.
“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 percent of our revenue outside Metro Manila,” he added.
The younger Villar said Vista Land intends to focus on the development of integrated urban developments combining lifestyle retail, prime office space, university town, health care, themed residential developments and leisure components it called “Communicities.”
