VILLAR-LED Vista Land & Lifescapes, Inc. on Thursday said it has allocated a capital expenditure (capex) budget of P30 billion for 2024, mainly for its expansion plans.
Vista Land President and Chief Executive Officer Manuel Paolo A. Villar said that 98% of the budget was allocated for the residential units’ construction and land development.
“Land acquisition as well as investment properties construction will account for the remaining 2% of the budget,” he said in an e-mailed statement.
The property developer saw an 11% jump in first-quarter net income to P3 billion.
First-quarter consolidated revenue improved by 11% to P10 billion. Real estate revenue climbed by 10% to P5 billion, while rental income rose by 13% to P4.1 billion.
The property developer launched a total of P10.1 billion worth of projects nationwide, while P7 billion worth of capex was expended during the first quarter.
“We will also continue to maximize our leasable space which is currently at 1.6 million square meters of gross floor area or over 100 investment properties consisting of 42 malls, 56 commercial buildings and seven office buildings,” Mr. Villar said.
“Our performance for the first quarter has been in line with our asset optimization strategy. Both our residential and commercial businesses registered growth for the quarter,” he added.
Meanwhile, Vista Land Chairman Manuel B. Villar, Jr. said he is bullish on the property developer’s growth this year.
“We look forward to 2024 as we will continue with our asset maximization and optimization strategy via our Vista Estates which now stand at 26 across the country. We remain optimistic with the industry as we continued with our project launches which in turn delivered a 12% growth in our reservation sales to P20.8 billion for the quarter,” he said.
“In addition to our existing strategy, we will also aim to solidify our foothold in the horizontal residential market with launches in several areas, specifically in the provinces. Having the widest geographic presence has been one of our strengths and now we have also expanded our offerings to include both horizontal and vertical residential products across the Philippines,” he added.
As of end-March, Vista Land’s total assets stood at P349.5 billion while equity reached P134.6 billion.
Vista Land is engaged in the residential and commercial property development business through units such as Camella Homes, Communities Philippines, Crown Asia, Brittany, Vista Residences, and Vista Malls.
On Thursday, Vista Land shares gained by 0.67% or one centavo to P1.50 each. — Revin Mikhael D. Ochave
