The listed real-estate empire of Sen. Manny Villar is looking to tap up to P6 billion in loans from local banks this quarter, as it targets to launch P30-billion worth of projects this year alone.
Being the country’s largest home builder, Vista Land and Lifescapes Inc. is looking at different options to fund the projects it intends to launch as well as to pay expensive debt, a company official said.
“As far as raising funds, we are looking at all options, but locally, we are in talks with banks,” Ricardo Tan, Vista Land chief financial officer, said in a media briefing on Wednesday.
To fund its existing projects and those that have yet to be launched, Tan specified that the company will probably raise P5 billion to P6 billion from local banks this quarter, given the low interest rate environment in the country.
He also mentioned that the company is planning to consider the overseas market in tapping offshore debt, this time to settle the firm’s “more expensive debt.”
“We are also looking at the debt market overseas. It’s not off the table. We will tap offshore debt to pay more expensive debt,” Tan said.
Vista Land is targeting to launch a total of P30 billion in projects this year, which is higher compared to the P25-billion worth of projects the firm launched in 2012.
For the full year, Tan said that the company is targeting 15-percent to 20-percent growth in its reservation sales as well as in its net income, adding that Vista Land is targeting to breach the P5-billion mark for its net income.
“The growth will come from the expansions in the provinces,” he said.
Vista Land also reported on Wednesday that its net income for the first quarter of this year rose by 29 percent to P1.342 billion from P1.036 billion.
Madelaine B. Miraflor