Vista Land eyes presence in 100 areas

MANILA, Philippines - The country’s largest homebuilder Vista Land & Lifescapes Inc. targets to establish its presence in 100 cities and municipalities in the Philippines in the medium term.

The Villar family’s listed real estate holding firm will venture into 10 new territories next year, its top official said yesterday.

“Right now, we’re in about 65 cities and municipalities. We want to increase that, we want to reach about 100,” Vista Land chairman and former Senate President Manuel B. Villar Jr. told reporters.

For next year, Vista Land plans to expand in up to 10 new locations in line with the target of reaching 100 areas in the next two to three years, Villar said.

“We continue to be bullish. We will continue to build more Camella homes in the provinces and second-tier cities,” he said.

Specifically, Vista Land has yet to establish its presence in Bukidnon, Zamboanga, Samar, Nueva Vizcaya, Cauayan in Isabela and Zambales, Villar said.

The real estate developer is riding the property boom, with profits jumping 17 percent to P3.8 billion in January to September from P3.2 billion a year ago while real estate revenues climbed 22 percent to P14.8 billion from P12.2 billion.

Vista Land is ready for expansion in new areas as the company is negotiating for fresh landbank.

“Definitely, the program is all set next year. There will be eight to 10 new sites across the brands, but mainly Camella and Lessandra,” Villar said.

The expansion program will be supported by $150 million in borrowing next year, Villar said.

Vista Land signed yesterday a partnership deal with consumer products giant Procter & Gamble (P&G). It will take effect in January, allowing homeowners of Vista Land to enjoy exclusive discounts on P&G products while new homeowners will receive P&G gift baskets.

For this year, Vista Land targets to grow its profits and revenues by 15 to 20 percent. Last year, its earnings surged 24 percent to P4.37 billion while real estate revenues climbed by a fifth to P16.33 billion.

In the nine-month period, Vista Land launched 27 projects with an estimated total value of P19.4 billion. Of these, 24 are in the low and affordable segment, given its emphasis on Camella, while three projects cater to the middle income market.