VILLAR-LED Vista Land and Lifescapes Inc. announced on Thursday that its net income in 2015 grew by 14 percent to P7.2 billion from P6.3 billion in the previous year as it consolidated the net income of recently acquired Starmalls Inc.
The developer clarified that its consolidated net income for 2015 comprised the income of both Vista Land and Starmalls.
It said Vista Land posted net income of P6.3 billion, a 10 percent increase from the P5.7 billion posted in 2014, while Starmalls posted a 57 percent increase in its net income to P904 million from the P357 million recorded in the year before.
Vista Land noted that total revenues in 2015 hit a record high of P28.7 billion, a 12 percent increase from the P25.5 billion posted in the previous year.
The company said that its Communities Philippines brand contributed bulk or 44 percent of the said revenues, followed by the Camella brand, 12 percent; Vista Residences, 12 percent; Starmalls, 10 percent; Crown Asia, 5 percent; and Brittany, 4 percent.
Vista Land said Communities Philippines also accounted for half of its real estate revenues of
P24.5 billion in 2015, a 10 percent increase from the real estate revenue recorded in 2014.
The Camella brand contributed 28 percent followed by Vista Residences (13 percent), Crown Asia (5 percent) and Brittany (4 percent).
In a media briefing on Thursday, Vista Land president and CEO Manuel Paolo Villar reported that they launched a total of 45 residential projects in 2015 worth an estimated P40 billion.
He also said Vista Land added 651,928 square meters of gross floor area (GFA) into its commercial space portfolio last year. Of these, malls and retail centers account for 520,928 square meters while BPO commercial centers account for 131,000 square meters.
He said the company spent P31.5 billion on capital expenditures in 2015, of which P20.6 billion was spent on construction, P5.6 billion on land acquisition and P5.3 billion for land development.
“Our strategy in the residential sector is paying off and our recent acquisition of Starmalls adds stability to our existing operations,” Villar said.
“As we integrate both platforms, the complementary nature of residential and commercial developments will enable us to achieve higher selling prices, increased sales velocity and higher retail rental rates from our improved integrated product offering, as well as lower land acquisition and infrastructure costs,” he said.
Villar also said Starmalls is targeting to add a significant amount of GFA into its portfolio.
“We’re looking at around 860,000 [square meters of]GFA,” Villar said.
Villar said Starmalls currently has a a GFA portfolio of over 500,000 square meters.
“We have identified about 100 areas or over 600 hectares of land from our existing Communicities around the country with ready population catchment areas for potential Starmalls projects,” Villar said.
Visa Land’s Communicities are integrated urban developments that combine lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.
Vista Land is a property developer that has a strong provincial presence. It has established projects in about 95 cities and municipalities across 36 provinces and intends to focus on the development of Communicities.