Villar’s Vista Land savors real estate turnaround

Photo from Vista Land & Lifescapes, Inc./Website

MANILA, Philippines — Homebuilder Vista Land & Lifescapes Inc. of real estate mogul Manuel Villar Jr. saw higher earnings in 2023 as it launched more residential and commercial projects worth over P50 billion to sustain growth.

Vista Land on Tuesday said its net income last year had reached P10.3 billion, a 39-percent growth amid higher revenues.

Revenues climbed by 18 percent to P35.2 billion as its real estate segment expanded following “negative growth” since 2020.

Real estate revenues rose by 19 percent to P15.2 billion.

READ: On the rise: Vista Estates’ lifestyle meccas in South Manila

“We will continue to pursue our residential segment now with the launch of more vertical as well as higher-end products. This has been part of our overall strategy of asset optimization,” Villar, Vista Land president and CEO, said in a statement.

The former senator and current richest man in the country also noted that they now had 26 master planned developments under Vista Estates. The company’s leasing business, meanwhile, consists of 42 malls, 56 commercial buildings, and seven office buildings spanning 1.6 million square meters.

Vista Land currently operates residential and commercial property developments through Camella Homes, Communities Philippines, Crown Asia, Brittany, Vista Residences and Vistamalls.

Total assets reached P342.4 billion, up by 6 percent, Vista Land said. —Meg J. Adonis INQ