Vista Land ends 2023 with strong earnings

April 17, 2024 | 12:00am

MANILA, Philippines — Vista Land & Lifescapes Inc., the listed property developer of the Villar Group, capped off 2023 on a high note with a 39-percent increase in net income at P10.3 billion.

Vista Land generated revenue of P35.2 billion last year, an 18 percent increase year-on-year.

Real estate revenue jumped by 19 percent to P15.2 billion, while rental income for the year reached P16 billion.

Vista Land said it demonstrated significant improvement in its residential gross profit margin, achieving a gain of over 320 basis points to reach 60 percent.

“Our 2023 results showed our optimism in the real estate industry,” Vista Land chairman Manuel Villar Jr. said.

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

He said these launches were key to reservation sales reaching about P72 billion.

“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,” Villar said.

Vista Land spent P27.1 billion on capital expenditures in 2023, majority of which are for construction and land development.

The company said land acquisition remains muted as it intends to utilize its existing land bank.

Vista Land plans to continue maximizing its resources, particularly land assets, through Vista Estate developments nationwide and increased involvement in upscale projects such as Brittany and Crown Asia initiatives.

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

“Our developmental segment showed improvement with 19 percent real estate revenue growth, after negative growth 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,” Vista Land president and CEO Manuel Paolo Villar said.

He said Vista Land has continued with its master planned developments through Vista Estates, which is now at 26 across the country.

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

Through six distinct business units, Vista Land operates its residential and commercial property development business.

Camella Homes, Communities Philippines, Crown Asia, Brittany and Vista Residences are focused on residential property development, while Vistamalls is involved in commercial property development.