Vista Land to launch P42B projects this year
Villar-led property developer Vista Land and Lifescapes Inc. (VLL) plans to bring to the property market P42 billion worth of real estate projects this year, upgrading its target from P30 billion, to factor in stronger-than-expected market demand.
With the planned increase in project rollout, VLL is also increasing its capital spending this year to P35 billion compared to the previous year’s P30-billion.
VLL decided to increase its total value of project launches this year because of continued expansion of VLL’s commercial assets and booming housing business.
In the first quarter, VLL launched new projects amounting to about P12 billion.
Reporting strong residential take-up, VLL also reported a 12 percent year-on-year rise in reservation sales in the first quarter.
“(This) 2017 promises to be another banner year for Vista Land. We are pleased to have been able to achieve solid growth over the last decade and should have no problem continuing the trend this year,” Vista Land founder and chair Manuel Villar Jr. said.
“This year we will have very fast growth in the commercial side, and we will have high single digit growth in the residential business, and probably next year, (we) will do double-digit (growth) in the residential business,” Vista Land president and chief executive officer Manuel Paolo Villar said in a press briefing on Friday after the bell-ringing ceremonies to commemorate VLL’s tenth listing on the Philippine Stock Exchange.
With a total land bank of 2,600 hectares in 117 areas, VLL is optimistic in expanding its business into multiple platforms. The company is expected to be more aggressive in housing development, as well as in shopping mall and office property development.