Sales in Metro Manila and provincial housing projects contributed to the numbers, according to Vista Land president and CEO Manny Villar.
University Town in Vista City, a commercial business district in development
Vista Land & Lifescapes, Inc. recently announced a profit of Php 38.7 billion for the first nine months of 2014, after the third quarter closed with sales of almost Php 12.8 billion. Real estate revenues were at Php 16.7 billion, whereas net income was at Php 4.2 billion.
“I am very confident that we will meet our guidance numbers for sales, revenues and earnings this year,” Vista Land president and CEO Manny Villar said, citing the effectiveness of their housing market strategies as a large factor in their sales number.
According to Villar, most sales are coming from housing projects in Metro Manila and provinces from their five business units, namely Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences; and that they’ve been averaging almost Php 13 billion in sales for each quarter of this year. “We fully expect to see continued strong sales performance in the coming years as demand for house and lots, particularly in the mid to low end segment of the market, continues to be robust,” he stated.
As of September 2014, Vista Land’s consolidated assets have reached Php 106.2 billion compared to Php 84.5 billion in December 2013. They’re expecting to reach Php 21 billion in capital expenditures by the end of this year.
“I have been and continue to be optimistic about the outlook for the housing sector. I am confident that Vista Land will continue to be a dominant force in the housing market,” Villar said.