Vista Land’s January-September income up

MANILA, Philippines - Vista Land & Lifescapes Inc., the Villar family’s leading integrated developer, grew its net income to P6.4 billion in the nine months to September from P5.8 billion a year ago.

Officials attributed the rose nine month performance to higher rental income which grew 67 percent to P3.1 billion from P1.9 billion in the comparable period.

In all, consolidated revenues reached P24 billion, up eight percent from the previous year’s P22.3 billion.

Vista Land chairman Manuel Villar Jr. is bullish of things to come especially after the company acquired Starmalls Inc.

“We remain bullish with the expansion plans of our newly acquired subsidiary Starmalls, Inc., which currently has 17 commercial assets in its portfolio, and that is on top of what we had prior to the acquisition,” Villar said.

He said the company continues to bank on the country’s strong economic fundamentals.

“Our strategies in both the commercial and residential sides of our business are anchored on sound Philippine macroeconomic fundamentals, a resilient real estate industry, the favorable market environment and the sustained growth in disposable income and OF remittances,” Villar said.

Vista Land has so far launched P17 billion worth of projects during the period, mostly in the low and affordable segment outside the Mega Manila area.

It is present in 97 cities and municipalities around the Philippines and is looking to open in at least three more new areas, expanding its geographic presence to a hundred areas across the country.

It is also planning to build its first condominium project in the island of Boracay which will be called Costa Vista Boracay.

Given the nine-month performance, Vista Land is optimistic that 2016 would be another strong year for the company, said Vista Land resident & CEO Manuel Paolo Villar.

“Our company is poised to have another banner year for 2016 as our additional leasable spaces are now contributing significantly to our current financial results and will continue for the rest of the year and moving forward. We also remain prudent with our financial management as we undertook a liability management exercise during the period to replace some of our existing dollar liability with a seven-year peso-denominated bilateral loan at a five percent interest rate,” Villar said.

The property developer has allotted P30.9 billion in capital expenditures for this year and has so far spent P22.7 billion mostly for constructing commercial assets as well as housing units sold to buyers.

It is focused on developing Communicities, integrated urban developments combining lifestyle retail, prime office space, schools, healthcare, themed residential developments and leisure components.