MANILA, Philippines — Vista Land & Lifescapes Inc., the property developer of the Villar Group, reported a net income of P8.2 billion in nine months to September, up 70 percent from the same period last year.
Core net income (excluding the gain from insurance proceeds) grew by 30 percent to P6.8 billion.
Vista Land chairman Manuel Villar Jr. remains optimistic about the real estate industry for the rest of the year with strong economic recovery, coupled with sustained growth in overseas Filipino remittances and revenge spending from consumers.
“We have been launching more projects this year which was a factor in the 10 percent growth in our reservation sales to P53.1 billion for the period. With the holiday season approaching, we eagerly anticipate welcoming an increased number of customers to our commercial centers as well as our overseas Filipinos coming home during the holidays which bodes well for our residential sales,” Villar said.
As of the end of the third quarter, the company launched 27 projects with an estimated value of about P40 billion.
Vista Land raked in consolidated revenue of P27.4 billion, marking an 18 percent increase.
Real estate revenue returned to double-digit growth with a 17 percent increase to P12.2 billion during the nine-month period, while rental income amounted to P11.8 billion.
Manuel Paolo Villar, president and CEO of Vista Land said, “We are consistently enhancing our residential business by offering more vertical and upscale projects, while our leasing sector is maintaining its growth trajectory for the period. The demand for our residential developments, spanning both horizontal and vertical segments, remains robust and sustained, with the strong interest from overseas Filipino buyers, constituting approximately 60 percent of our total sales.”
At present, the company has a leasing portfolio of over 1.6 million square meters of gross floor area across 45 malls, 56 commercial centers, and seven office buildings.
Currently, it has a land bank spanning over 3,085 hectares strategically located across the country.