MANILA, Philippines — New projects and product selections of real estate mogul Manny Villar’s companies helped lift profits in the first quarter, despite slower consumer spending.
Property developer Vista Land and Lifescapes Inc. on Thursday said it saw earnings during the period jump by 11 percent to P3 billion.
In the January-March period, Vista Land revenues jumped by 11 percent to P10 billion.
READ: Villar’s Vista Land savors real estate turnaround
Reservation sales for new projects reached P20.8 billion in the quarter, up 12 percent. Vista Land launched P10.1 billion worth of projects during the period.
Horizontal residential market
“In addition to our existing strategy, we will also aim to solidify our foothold in the horizontal residential market with launches in several areas, specifically in the provinces,” Villar, chair of Vista Land and a former senator, said in a statement.
READ: On the rise: Vista Estates’ lifestyle meccas in South Manila
In 2024, Vista Land is setting its sights on building new residential units and land development, both of which will get a combined budget of P29.4 billion, which is about 98 percent of the company’s P30-billion full-year capital spending.
The remaining 2 percent or P600 million of the budget will be allocated for land acquisition and construction of investment properties, according to Manuel Paolo Villar, president and chief executive of Vista Land.
The company has spent P7 billion of the total capital outlays, it said.
Total assets at P349.5B
So far, the developer has over 100 investment properties covering 1.6 million square meters of gross floor area. These consist of 42 malls, 56 commercial buildings, and seven office buildings.
Total value of assets as of end-March stood at P349.5 billion.
Meanwhile, AllDay Supermarket said in a separate statement that it posted a net income of P97 million, a 10.2-percent rise despite decreased household spending.
“AllDay’s stable position through the first quarter can be credited to continuing gains from our importation and, in part, through our new minimarts,” said Frances Rosalie Coloma, president and chief executive of AllDay.
The grocery chain’s revenues during the quarter inched up by 1.1 percent to P2.5 billion.
To counter slower spending, Coloma said they focused on improving their product offerings to include new international selections.
They also opened four new minimarts in Antipolo City and Cavite province.