Villar-led Vista Land and Lifescapes Inc., is launching 20 to 30 projects worth P25 billion this year, an official of the company said.
“I don’t know yet but I’d say at least 20,” President and Chief Executive Officer Manuel Paolo Villar said in an interview on Thursday. “Right now we’re being cautious about sales.”
An administration change will not have a huge impact on the company, Villar noted, saying external factors such as low oil prices in the Middle East would is not good since 60 percent of residential sales are from overseas Filipinos.
“I’m very optimistic about the president. I think he will be a great president. I think the market will recover.
“I think the only issue is if the price of oil is still low—and the Middle East still suffers from issues—it might affect our sales in the short term,” Villar said.
Villar noted around 70 percent of the launches will take place outside Metro Manila and mostly under the Camella brand.
In the first quarter of 2016, Vista Land launched 8 projects with an estimated combined value of about P5.5 billion.
In a briefing on Thursday, the company reported net income in the first three months of the year jumped by 17 percent to P2.1 billion from P1.8 billion a year earlier.
Consolidated revenue amounted to P7.9 billion, up 6 percent from P7.1 billion in the same comparable period.
Recurring revenue grew by 89 percent to P944 million from P498 million, as the company added 221,748 square meters of gross floor area in investment properties with the opening four malls and a BPO commercial center.
Real estate revenue amounted to P6.4 billion, up 6 percent from P6.06 billion.
Vista Land Chairman Manuel Villar is optimistic about the company’s growth prospects.
“Our positive outlook for the year is due to the expansion of our commercial assets in addition to our core housing business on the back of sound Philippine macroeconomic fundamentals, and hopefully with the new government’s push to accelerate infrastructure development,” Villar said.
The firm noted capital expenditure for 2016 is expected to reach P30.6 billion, of which P7 billion or 23 percent was spend in the first quarter of the year.
“I remain confident about the prospects of our company,” said Paolo Villar.” In addition to the expansion of our rental spaces, which provides stability to our existing core and stable end-user housing business, we will continue to open in new areas across the Philippines to bring us to at least 100 cities and municipalities by the end of the year.”
Vista Land is present in 95 cities and municipalities across 36 provinces. It intends to focus on the development of Communicities, an integrated urban development combining lifestyle retail, prime office space, university town, healthcare, themed residential developments, and leisure components.