MANILA -- Vista Land & Lifescapes, Inc., one of the Philippines’ leading integrated property developers and the country’s largest homebuilder, targets to launch at least PHP50 billion worth of residential projects in 2019.
In a statement, Vista Land president and chief executive officer Manuel Paolo Villar said most of these projects are in the low and affordable segment, and outside Metro Manila.
“The company launched residential projects with an estimated value of PHP16.0 billion during the first semester of 2019, and are looking at adding more for the remaining half of the year as we see the continued demand of our core residential business both from Overseas Filipino and domestic homebuyers,” he said.
The company registered an 11-percent growth in net income for the first semester of 2019 to PHP5.8 billion from PHP5.2 billion in the same period last year.
Consolidated revenues also rose by 11 percent to PHP23.4 billion from PHP21.1 billion in the comparable period a year ago.
Leasing revenues for the period increased by 17 percent to PHP3.9 billion from PHP3.3 billion in the prior year period, driven by the increase in leasable spaces from malls.
“Our leasable spaces are mostly retail malls which limit our POGO (Philippine offshore gaming operators) exposure and any crackdown to those POGO will not impact to our overall financial performance,” Villar added.
Vista Land intends to focus on the development of ‘communicities,’ an integrated urban development combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components. (PR)
