Leading housing developer Vista Land and Lifescapes Inc. is looking to spend P40 billion to build 20,000 houses and condominium units in 2015, demonstrating its confidence that demand for housing across the country remains strong.
The country’s largest homebuilder spent P27 billion to build residential projects in 2014.
“For the year we’re looking at P40 billion for 20,000 units that’s a mix of verticals and condos, but mostly horizontals,” Vista Land Chief Financial Officer Cynthia Javarez told reporters on Friday.
She said most of the spending will go into new and expanded Camella housing projects, the company’s core products.
The company reported net income of P1.64 billion in the first quarter of the year, a 10 pct rise from P1.49 billion in the same period in 2014. Revenues for the same period rose 10 pct to P6.06 billion from P5.49 in the first quarter of 2014.
“We launched P12 billion worth of projects for the quarter and our reservation sales for the period is at P14 billion, which confirms our reading that demand for housing across the country continues to be strong,” Vista Land President and Chief Executive Officer Manuel Paolo Villar said.
The company’s total consolidated assets in the quarter ended March 31, 2015 amounted to P111.3 billion compared to P106.8 billion in December of last year.
“2015 promises to be another record year for Vista Land. We are pleased to have been able to sustain solid growth achieved over the past years and should have no problem achieving our full year targets,” Vista Land Chairman Manuel Villar Jr. said.
“In addition to our expansion in the provinces, we have continued to move forward with our plans for various commercial centers within or near our existing developments, taking advantage of the rising middle class in the country,” Paolo Villar said.
Vista Land is recognized for its themed and master-planned communities and its brands namely, Camella, Crown Asia, Britanny and Vista Residences, that offer quality housing across all market segments.
“I remain extremely confident about the prospects for our company,” Paolo Villar said.