MANILA, Philippines – Home builder Vista Land and Lifescapes Incorporated reported a 2014 net income of P5.71 billion ($127.48 million), up 13% from 2013 level on back of aggressive project launches.
Total revenues of the housing developer climbed 11% in 2014 to P22.23 billion ($496.17 million) from P20 billion ($446.20 million) in 2013.
Reservation sales also hit a record of P51.7 billion ($1.15 billion), a 12% increase from 2013 level, due to the company’s launching of 44 projects in 2014 with estimated sales value of P27 billion ($602.95 million).
“We are very pleased to report that 2014 is another banner year for the company. Our strategy is paying off and, given the strength of the property market, particularly in the housing sector, we will continue to focus on bringing our housing brands to families around the country,” Vista Land president and chief executive officer Manuel Paolo Villar said in a press briefing Wednesday, March 18.
In 2015, Villlar said, Vista Land will further accelerate its project launches.
It also has plans to unveil mid-rise and high-rise condominium projects and commercial developments.
To take advantage of the continued growth in the housing sector, the property firm acquired in 2014 additional 433 hectares of land to boost its land bank to 2,111 hectares nationwide.
Villar said Vista Land is taking advantage of the “rising middle-class” in the Philippines.
“We are already seeing affordability increasing not just in Metro Manila but also in the provincial areas. Thus, we continue to add to our existing footprint of 34 provinces and 76 cities and municipalities around the country,” Villar said.
Commercial developments within or near its existing residential developments are also ramped up, he added. This will build up its recurring revenue base while enhancing the value of its residential projects.
To fund project expansion and pay maturing debts, Vista Land plans to raise $100 million in debt this year.
Vista Land chairman Villar Jr also expects the company to sustain its strong performance in 2015.
“The market demand for housing, particularly in the lower end of the market, continues to be robust and we don’t see any risk of a slowdown in that segment,” the former senator said.
The board of Vista Land also approved a P1.5-billion ($33.47 million) share buyback program.
Vista Land is the holding company of 5 business units: Brittany, Crown Asia, Camella Homes, Communities Philippines, and Vista Residences. – Rappler.com
*US$1 = P44.81