Vista Land to sell P650-M treasury shares

MANILA, Philippines - Vista Land & Lifescapes Inc., the holding firm for most of the real estate assets of the family of Sen. Manuel Villar, is selling all its 133.91 million treasury shares currently valued at nearly P650 million in the stock market.

In a disclosure to the Philippine Stock Exchange, Vista Land said the sale of treasury shares, approved by the company’s board yesterday, was aimed at meeting demand from investors and boosting the stock’s liquidity.

The company’s board has further authorized management to determine and decide on the price at which the treasury shares shall be sold.

Vista Land is spending more than P18 billion this year for its aggressive expansion that will involve the development of more residential condominium buildings and commercial projects as wells as launch of more projects in new markets.

Manuel Paolo Villar, president and chief executive officer of Vista Land, said the company’s three-pronged strategy is intended to sustain its leading position in the horizontal segment of the market with more than 250,000 housing units built in the past 35 years.

Founded by Sen. Villar, Vista Land has the widest geographical reach in the real estate industry, with a strategically located land bank of almost 2,000 hectares nationwide.

The company is currently present  in 31 provinces and 63 cities and municipalities around the country.

Vista Land intends to launch condominium projects in urban areas where demand from young professionals is increasing.

The firm wants to beef up its commercial developments as part of plans to diversify its revenue streams and enhance the value of its projects.

Riding on the wave of a booming property market,  Vista Land is on track to hit its 2012 financial targets of P4.2 billion in net income and P16 billion in revenues, which would be 19 percent and 18 percent higher, respectively, from 2011.

Vista Land is the holding company of five business units, namely Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences. The company is recognized for its themed and master-planned communities that offer quality housing across all market segments.