Villar-led property developer Vista Land and Lifescapes Inc. (VLL) booked a net income of P4.3 billion in the first half of 2022, up 11% from a year earlier on the back of sustained demand for real estate assets.
In a disclosure to the Philippine Stock Exchange on Wednesday, VLL reported a consolidated revenue of P16 billion for the period.
Real estate revenue amounted to P9 billion while leasing income stood at P4.9 billion, up 35% year-on-year.
VLL said it launched a total of five projects in the second quarter valued at P11 billion, which include three Vista Estate Projects namely, Aspen in San Jose Del Monte, Bulacan; Vidarte in Antipolo, Rizal and Stanza in Tanza, Cavite.
The project launch value to date already exceeded full year 2021 launch value, it said.
“We remain optimistic with the industry for the rest of the year especially with an economic backdrop that I consider on a rebound given strong GDP growth numbers so far and is forecasted at 7% to 9% growth for 2022. We have also seen sustained growth in overseas Filipinos remittance which is projected to grow 4% this year,” VLL chairman Manuel Villar Jr. said.
“Demand from overseas Filipinos remained strong which is a factor to the 8% growth in our reservation sales of P32 billion for the first half of 2022. The pandemic also provided a venue for the company to review its strategies and implement various operational efficiency measures which resulted in improvement in our margins,” said Villar.
The VLL chairman said the company pushed for upscale, vertical and commercial projects in its existing developments through its Vista Estate in various areas around the country.
After almost two years of no new malls, the company said it opened Vistamall Davao, a 21,000-square meter gross floor area mall which houses world class retail concepts of the group.
As of June 30, 2022, VLL said it now has over 1.6 million square meters of gross floor area of investment properties consisting of 32 malls, 69 commercial centers and seven office buildings.
“The company recently listed our flagship REIT company — VREIT with an initial portfolio of 10 community-based malls and 2 office buildings”, said Paolo Villar, president and CEO of Vista Land.
The funds raised for this exercise will be deployed to various real estate developments including additional commercial spaces, according to VLL.
Capital expenditure for the first half reached P11 billion mainly for construction and land development, the company said.
Land acquisitions remained muted as the company disclosed that they are looking at maximizing its existing land bank, VLL said.
The company said it has 2,925 hectares of land as of end June 30,2022. —Ted Cordero/KG, GMA News
Vista Land books P4.3B net income in H1, up 11%
Source: News Panda Philippines
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