MANILA, Philippines - Vista Land & Lifescapes Inc. is ramping up its expansion this year with plans to roll out 32 residential subdivision projects across the country, at an estimated total value of P32 billion.
Vista Land president and chief executive officer Manuel Paolo A. Villar said the company aims to further strengthen its position as the country’s leading house-and-lot package developer.
Last year, Vista Land launched 23 projects worth a total P21 billion,16 of which are horizontal projects. It also added eight new areas for development during the year.
“Demand for our house and lot packages is very strong since studies have shown the Vista Land brands, including Camella, remain the most preferred by home buyers. Thus, we are strengthening our presence in existing areas while expanding our reach further by entering new markets,” Villar said.
For this year, Vista Land intends to open 20 expansion projects from existing areas around the country to keep up with brisk sales.
Villar said the firm will also launch horizontal developments in 12 new areas as it noted the strong demand for more affordable housing units.
He said overseas Filipino workers remain Vista Land’s strongest market, with those from Europe, Middle East and Asia accounting for about 55 percent of the firm’s reservation sales while five to 10 percent of sales come from US-based Filipinos.
Vista Land chief financial officer Ricardo B. Tan Jr. said sales in both new and expansion areas last year were on target.
The company’s horizontal business is marketed under the Brittany, Crown Asia, Camella and Lessandra brands that have made it the undisputed leader in house and lot sales. It has recently entered the vertical side of the property business under Vista Residences, which uses the Camella Condo Homes brand.
Although Vista Land has product offerings across all income segments, it is focused mostly on the low-end market, with its Camella and Communities Philippines brand accounting for majority of its revenues.
The company grew its net income by 20 percent in the nine months ending September last year to P2.61 billion,mainly driven by higher revenues.
Revenues rose 19.8 percent to P10.75 billion.