Vista Land to launch P32B worth of projects in 2012
MANILA, Philippines - Vista Land & Lifescapes Inc., the Philippines’ largest horizontal residential developer, is launching more projects this year on expectations that housing demand in the country will remain robust.
In a statement, Vista Land said it will launch 32 residential subdivision projects in 2012 with a sales value of P32 billion. It launched 23 projects last year, including residential condominiums, valued at P21 billion, the company said.
“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,” said President and Chief Executive Officer Manuel Paolo A. Villar said.
He said Vista Land will open 20 expansion projects from existing areas around the Philippines. The builder will also launch horizontal developments in 12 areas that it will be entering for the first time since there is a need for more affordable housing units.
Provincial expansion has been a long-running strategy of Vista Land to attract overseas Filipino clients, which account for more than 60 percent of pre-sales.
“Overseas Filipino workers continue to be Vista Land’s strongest market and we intend to further cement our reputation as the runaway leader in this segment,” Villar said. In the same statement, Vista Land Chief Financial Officer Ricardo Tan Jr. said sales in both new and expansion areas last year were on target.
Vista Land’s horizontal business is marketed under the Brittany, Crown Asia, Camella and Lessandra brands. It has recently entered the vertical side of the property business under Vista Residences, which uses the Camella Condo Homes brand.
The builder earlier reported that net income in the nine months to September last year hit P2.61 billion, up 20 percent on revenues of P9.9 billion, or a gain of 21 percent.
The company earlier said it was targeting about P3.4 billion in full-year profit and approximately P24 billion in sales for 2011.
Vista Land shares closed flat on Friday’s trading at P3.04, giving it a market value of P25.84 billion.