Residential sales lift 2023 net income of Vista Land

Villar-led property developer Vista land and lifescapes inc. said it posted a net income of P10.29 billion last year, 39 percent higher than P7.39 billion recorded in 2022 mainly due to robust residential sales.

“Our 2023 results showed our optimism in the real estate industry. We have launched over P50 billion worth of projects across the country. these launches were key to our reservation sales reaching about P72 billion,” company chairman Manuel B. Villar Jr. said.

“We are on our way with our maximization of resources strategy as the majority of our launches were vertical developments across the country and we will continue to do so in 2024.”

as of the end of 2023, the company launched 34 projects with an estimated project value of about P50.7 billion.

Consolidated revenues surged to P35.2 billion, marking an 18-percent increase from the previous year.

real estate revenue went up by 19 percent year-on-year to P15.2 billion, while rental income for the year amounted to P16 billion.

Manuel Paolo a. Villar, the company’s president and CEO said, Vista land’s developmental segment showed improvement as it expanded by 19 percent, a reversal of the losses it incurred since 2020.

“We will continue to pursue our residential segment now with the launch of more vertical, as well as higher-end products. this has been part of our overall strategy of asset optimization. We also continued with our master planned developments through Vista estates, now at 26, across the country,” he said.

“Our leasing business on the other hand, sustained its growth as we ended 2023 with a total gross floor area of 1.6 million square meters or over 100 investment properties consisting of 42 malls, 56 commercial buildings and seven office buildings.”

Vista land said it remained prudent, with net-debt-to-equity ratio at 84 percent by yearend. For 2023, the company spent P27.1 billion on capital expenditures, mostly on construction and land development. land acquisition remains muted as the company intends to utilize its existing land bank.

the company said it will continue to maximize its resources, particularly land assets, through Vista estate developments nationwide and increased involvement in upscale projects such as Brittany and Crown asia initiatives.

It plans to prioritize mixed-use developments that combine vertical and commercial elements in both its ongoing and planned projects.