Vista Land nets 10% more in 2019

MANILA, Philippines — Vista Land & Lifescapes Inc., the Villar-owned property developer and homebuilder, generated a net income of P11.6 billion for the full year 2019, up 10 percent.

Consolidated revenue was also up seven percent to P44.4 billion from P41.5 billion last year while leasing income rose 20 percent to P8.5 billion.

“We are pleased with the company’s 2019 performance as both our leasing and residential businesses provided steady growth,” Vista Land chairman Manuel Villar Jr. said.

He said revenue growth from Vista Land’s existing investment properties of about 1.5 million square meters 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 projects, our version of mid-rise buildings,” Villar said.

Of the revenue pie, the real estate business raked in P32.8 billion, up three percent.

Moving forward, the company expects 2020 to be a challenging year but it plans to refocus on optimizing its existing portfolio of investment properties as well as utilize its current land bank of about 3,000 hectares.

“The start of 2020 has been challenging with the occurrence of a series of unforeseeable events, especially the coronavirus disease 2019 or COVID-19 pandemic,” said Manuel Paolo Villar, president and CEO of Vista Land.

He said demand for affordable housing persists and homebuyers, most of which are end-users, remain committed to completing payments.

“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,” Villar said.