MANILA -- Property developer Vista Land and Lifescapes, Inc. aims to launch at least PHP60-billion worth of projects this year, optimistic the continued economic growth bodes well for its residential business and in sustaining a double-digit growth.
“It was quite a good year last year. We are hoping to continue the trend this year. We are looking at a double-digit growth this year,” Vista Land President and Chief Executive Officer (CEO) Manuel Paolo Villar said in a press briefing Thursday.
Villar said they launched residential projects worth PHP51.7 billion in 2018, most of which were in the low and affordable segment and outside Metro Manila.
“We are confident about the company’s prospects for the coming year as we have delivered strong residential sales in 2018 and have a significant leasing portfolio now accounting for about a quarter of our net income,” he added.
Vista Land reported its net income increased by 16.2 percent to PHP10.534 billion in 2018 from PHP9.063 billion the previous year.
The company attributed higher profit to better-than-expected growth of its residential business and the sustained contribution of its commercial assets.
Consolidated revenues grew 15.1 percent to PHP41.487 billion last year from PHP36.042 billion in 2017.
Villar pointed out that the “very good” macroeconomic environment last year boosted its housing business.
“Meaning nationwide, there was growth in incomes not only Filipinos locally but also Filipinos working abroad, they had purchasing power that they used for housing. Despite inflation, despite increasing interest rates, Filipinos bought houses from us,” he added. (PNA)
