Vista Land allots P40 B for capex

MANILA, Philippines — Vista Land & Lifescapes Inc., the Villar family’s property firm, is pouring in P40 billion in capital expenditures this year to support its growth as it expects 2019 to be another banner year.

The company reported a 12 percent growth in its first quarter net income to P2.9 billion, mainly due the strong growth of its core residential business.

It registered consolidated revenue of P11.4 billion, up 14 percent  year-on-year.

Leasing revenue increased 18 percent to P1.9 billion.

Vista Land chairman Manuel Villar said 2019 would likely be another record year for the company.

 “We are pleased to have been able to achieve solid growth over the past years and it should be the same this year as we take advantage of the synergies between our residential and leasing businesses,” Villar said.

He said the housing business is expected to sustain its momentum on the back of sound Philippine macroeconomic fundamentals including declining inflation. 

“We are seeing stable demand in our housing business as we registered 10 percent growth in reservation sales for the quarter,” Villar said

 Manuel Paolo Villar, president and CEO of Vista Land said the company is optimistic about the company’s prospects especially amid growing demand for housing from overseas Filipinos.

“We have registered growth in our core residential business as well as sustained increase in our leasing business,” he said.

Vista Land sales to overseas Filipinos remained solid at over 50 percent of the company’s total sales.

“We are also seeing an increase in domestic demand,” Villar said.

Vista Land has launched new projects totalling P10.8 billion in the first quarter.

 The company has an established presence in 147 cities and municipalities across 49 provinces as of the end of March 2019. It intends to focus on the development of Communicities – integrated urban developments combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.