MANILA, Philippines - Record high sales lifted Vista Land & Lifescapes Inc.'s earnings by 17% to P3.53 billion in 2011 from P3.01 billion the previous year, the property firm controlled by the family of Sen. Manuel Villar announced Wednesday.
Vista Land, in a statement, said its revenues from real estate sales hit P13.51 billion last year, on the back of strong demand for affordable homes.
"2011 turned out to be better than we expected," said Ricardo Tan Jr., company chief financial officer.
"Our strategy of targeting the affordable and low-end market segments has been very successful, resulting in particularly strong growth from Camella Homes and Communities Philippines," he added.
Vista Land is the holding company of five business units, namely, Brittany, Crown Asia, Camella Homes, Communities Philippines, and Vista Residences.
This year, president and CEO Manuel Paolo Villar said Vista Land's net income and revenues are projected to growth 20%.
“Demand for housing in the Philippines continues to be very strong so we are expecting robust growth in reservation sales given our planned project launches countrywide."
Vista Land has earmarked P15 billion for projects this year. Last year, it launched 23 new projects valued at P21 billion.
"With a strategically located land bank of 1,811 hectares nationwide, Vista Land is well-positioned to take advantage of continued strong demand in the property sector,” Tan noted.