MANILA, Philippines - Vista Land & Lifescapes Inc. is spending more than P18 billion in capital expenditures next year, as it expects the real estate industry to remain strong.
Vista Land is preparing a three-pronged strategy to make sure it will be able to sustain growth.
"We will continue opening projects in new areas; we are currently in 31 provinces and 63 cities and municipalities around the country,” said Manuel Paolo Villar, President and CEO of Vista Land, in a statement.
Second, the property firm will continue launching condominium projects, especially in urban areas. Villar noted there is sustained demand for condos from young professionals.
Third, Vista Land will build commercial developments near its residential subdivisions, as a way to enhance the value of its projects.
"The macro environmental factors bode well for the property industry, especially for Vista Land, to be another good year," Villar said, citing the strong performance of the Philippine economy.
This year, Vista Land said it is on track to hit its targets: P4.2 billion net income and P16 billion in revenues, which would be 19% and 18% higher, respectively, from last year.
"Our operating targets are likely to be met, our stock price has done very well, and I am optimistic about our prospects for 2013," Villar said.
Vista Land is the holding company of 5 business units, namely, Brittany, Crown Asia, Camella Homes, Communities Philippines, and Vista Residences.