Quantcast
Latest Stories

Vista Land expanding in provinces

By

The Villar group is expanding its property businesses by building new shopping malls, residential projects and business process outsourcing (BPO) office space across the country.

Residential arm Vista Land & Lifescapes Inc., which announced Thursday an 18-percent year-on-year growth in its first-half profit to P2.6 billion, plans to expand its presence in the provinces.

About 42 percent of the revenue booked by Vista Land in the first semester came from provincial arm Communities Philippines, up from a share of 34 percent in the same period last year. This segment sells housing units worth below P3.5 million.

“Our provincial expansion is continuing strongly,” Vista Land president Manuel Paolo Villar said in a briefing, adding that it was possible that this segment would eventually account for the bulk of the firm’s earnings.

The profit growth in the first semester was fueled by a 20-percent rise in revenue to P9.7 billion for the period.

Sales remained strong, growing by 18 percent to P23.6 billion in the first semester. The company expects full-year sales to hit P46 billion. Demand from overseas Filipinos continued to account for the bulk of Vista Land’s business.

“Demand for housing is expected to remain robust, particularly in the affordable price segment which is dominated by our Camella brand.” “There is no oversupply in housing and our aggressive plans to expand countrywide remain unchanged,” he added.

The company’s cash position increased by 57 percent during the period to P11.83 billion, buoyed by a fresh credit facility from two banks.

“It is noteworthy that we have been able to borrow on much improved terms compared to a few years ago. During the second quarter, we raised P6 billion at an interest rate of 5.75 percent per year with a tenor of five years, compared to more than 7.27 percent last year. I believe this reflects the banking community’s increased confidence in Vista Land,” said company chief financial officer Ricardo Tan Jr.

“We now have residential housing developments in 31 provinces and 64 cities and municipalities around the country,” said Tan.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , expansion , property development , Vista Land



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • 4.9 quake jolts Batanes on Maundy Thursday
  • Presidents, celebrities mourn writer Garcia Marquez
  • MH370 search to be most costly ever at $100 million — analysts
  • Iraqi guilty of beating wife to death in US
  • Avalanche sweeps Everest; 6 killed, 9 missing
  • Sports

  • Heat seek Three-peat but Spurs, Pacers top seeds
  • Can Spurs get back at Heat? Can they survive West?
  • Hopkins, 49, seeks win for the ageless
  • LeBron still No. 1 with NBA’s most popular jersey
  • Pacquiao back in PH, heads home to wife, kids
  • Lifestyle

  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • This is not just a farm
  • Entertainment

  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Whoopi Goldberg debuts as marijuana columnist
  • ‘X-men’ director accused of sex assault on teen boy
  • Cannes film festival launches race for 2014 Palme d’Or
  • Business

  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Barbie doll has a problem
  • Oil prices mixed ahead of long Easter weekend
  • Technology

  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Filipinos #PrayForSouthKorea
  • Taylor Swift tries video blogging, crashes into fan’s bridal shower
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Last call for nominations to ’14 Presidential Awards
  • San Francisco business coalition slams proposed tax on sugary drinks
  • A ‘time-travel’ production of ‘Les Miserable’ at Stanford
  • Filipina Maryknoll sister honored for years of service
  • Malaysia quarantines 64 villagers over MERS virus
  • Marketplace