Vista Land sees strong growth

MANILA, Philippines—Vista Land and Lifescapes Inc. (VLL) aims to sustain the double-digit growth in net income and revenues, as well as reservation sales this year on the back of robust housing demand.

This year, the company of the Villar family will launch 25 new and expansion projects with an aggregate value of at least P28 billion as part of its plan to increase its presence outside Mega Manila, VLL president and chief executive Manuel Paolo A. Villar said in a press conference on Wednesday.

“It looks like we’ll have a record year this year. We will have solid double-digit growth this year, and solid growth next year,” Villar said.

He declined to give the exact bottom- and top-line targets.

VLL, which claims to be the country’s biggest homebuilder, reported on Wednesday that its net income climbed 11 percent to P1.490 billion during the first three months, from the P1.342 billion reported in the same period last year. First-quarter revenues, meanwhile, jumped 12 percent to P5.446 billion from P4.858 billion last year.

Almost 74 percent of revenues in the first quarter were contributed by the Camella brand, which include Camella Homes and Communities Philippines. Crown Asia accounted for a 12-percent share in revenues, while Brittany and Vista Residences each chipped in 7 percent.

Reservation sales during the first quarter hit P12.942 billion, 10-percent higher year on year.

At the end of March, consolidated assets reached P86.801 billion—up from the P84.530 billion seen at end-2013.

For 2014, VLL has set aside P21.6 billion in capital expenditures.