MANILA, Philippines - Riding on the current economic boom, Villar-led Vista Land & Lifescapes Inc. said it is pursuing an aggressive expansion program that will include penetrating new areas and developing more residential condominium buildings and commercial properties.
Manuel Paolo Villar, president and chief executive officer of Vista Land, said the company’s three-pronged strategy is aimed at further strengthening its foothold in the industry. The company is the leader in the horizontal segment, with more than 250,000 housing units built in the past 35 years.
Vista Land has the widest geographical reach in the local real estate industry, with a strategically located landbank of almost 2,000 hectares nationwide.
“We will continue opening projects in new areas. We are currently in 31 provinces and 63 cities and municipalities around the country,” Villar said.
Second, Vista Land will launch more condominium projects, particularly in urban areas where demand from young professionals is increasing, he added.
Villar said Vista Land would also beef up its commercial developments as part of plans to diversify its revenue stream and enhance the value of its projects.
“The macro environmental factors bode well for the property industry, especially for Vista Land, to be another good year,” Villar said, citing the accelerating growth in terms of gross domestic product, which grew an impressive 7.1 percent in the third quarter of 2012, more than doubled the 3.2-percent growth in the same quarter last year.
Vista Land said it is on track to hit its financial targets this year of P4.2 billion in net income and P16 billion in revenues, which would be 19 percent and 18 percent higher, respectively, from last year. The company ended 2011 with earnings of P3.53 billion and real estate revenues of P13.51 billion.
In the first nine months, Vista Land posted a net profit of P3.2 billion, just P330 million shy of the full-year net income for 2011.
Vista Land is the holding company of five business units, namely, Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences. The company is recognized for its themed and master-planned communities that offer quality housing across all market segments.