MANILA, Philippines - Villar-led homebuilder Vista Land & Lifescapes Inc. has set new records for earnings and sales last year largely due to a buoyant property market and steady demand in affordable and low-segment housing.
In a briefing yesterday, Vista Land chief financial officer Ricardo B. Tan Jr. said net profit reached an all-time high of P3.53 billion, up 17 percent and exceeding management’s target of P3.4 billion. Revenues climbed 19 percent to P13.51 billion from P11.3 billion.
Reservation sales rose to a record P30.51 billion, 23 percent higher than the previous level.
“2011 turned out to be better than we expected, and we are pleased to have exceeded our internal targets. Our strategy of targeting the affordable and low-end market segments has been very successful, resulting in particularly strong growth from Camella Homes and Communities Philippines,” Tan said.
Tan said the company is expected to sustain its upward trajectory this year given a vibrant economy and strong remittance inflows from Filipinos overseas. Net earnings and revenues are forecast to grow 20 percent this year to around P4.2 billion and P16 billion, respectively.
“There’s no let up in the demand for house and lots. We will continue to aggressively expand to new areas to remain the most preferred brand by homebuyers,” Tan said.
Aside from Camella and Communities Philippines, Vista Land also owns three other business units – Brittany, Crown Asia and Vista Residences.
To capitalize on a robust property market, Vista Land is rolling out 32 new residential subdivision projects across the country, with an estimated total project value of P32 billion. This is significantly higher than the 23 projects launched in 2011 with an estimated value of about P21 billion.
Vista Land intends to embark on 20 expansion projects and launch horizontal developments in 12 new areas to further widen its geographical footprint.
“I believe that given our track record in execution and in identifying key market trends, the growth rates delivered by our company are sustainable,” said Manuel Paolo Villar, president and chief executive officer of Vista Land.
Last year, the company successfully penetrated Laoag, Ilocos; Cabanatuan, Nueva Vizcaya; Balanga, Bataan; Tayabas, Quezon; Carcar, Cebu; Talamban, Cebu; Butuan, Agusan Del Norte; and Tagum, Davao.
Vista Land is currently present in 25 provinces and 55 cities and municipalities throughout the archipelago.
Vista Land has set a capital spending of more than P15 billion this year to accelerate developments in three main flagship projects, namely, Evia in Las Pinas, Lakefront in Sucat, Muntinlupa, and Sta. Elena in Sta. Rosa, Laguna.
“With a strategically located land bank of 1,811 hectares nationwide, Vista Land is well-positioned to take advantage of continued strong demand in the sector,” Tan said, adding that the Camella brand is widely considered to be the number one housing brand.