Vista Land allots P25 billion for capex

MANILA, Philippines — Villar-owned Vista Land & Lifescapes Inc. is alloting P25 billion for capital expenditures for the year, of which the company has already spent P6.5 billion in the first quarter.

Of the P25 billion capex budget, 90 percent will be used for construction and land development, and the remainder is for land acquisition and payment of land payables.

Overall, however, Vista Land chairman Manuel Villar Jr. said the company is closely monitoring the “new normal” to determine the extent of its expansion this year.

“We are revisiting our planned project launches, as well as the expansion program of our leasing business for the rest of the year. And as previously mentioned, we have the capacity to fast track construction if we deem it necessary,” Villar said.

The company is optimistic in terms of its residential business as it is seeing pickup in activity, as well as improvement of its reservation sales.

June sales are already at about 70 percent of pre-COVID level with sales in July tracking better than June.

As with other developers, Vista Land has stepped up its online marketing and sales efforts.

Thus, Vista Land’s June sales are predominantly online, a solid response to the company’s aggressive shift to digital platforms for its marketing initiatives.

“We are hoping that these encouraging signs in our residential business will continue. With the growing importance of staying at home, we are also seeing an increased preference for our housing products especially in the provincial areas,” said Vista Land president and CEO Manuel Paolo Villar.

He said the company is taking advantage of Vista Land’s geographic reach, being present in 147 cities and municipalities across the country.

Moving forward, Vista Land intends to focus on the development of communicities, an integrated urban developments combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.