MANILA, Philippines - Vista Land & Lifescapes, owned by former Senator Manuel Villar, continued to show strong growth in profit and revenues in the first quarter of the year.
Vista Land on Wednesday reported its net income jumped 11 percent to P1.5 billion in the January to March period, from P1.3 billion a year ago.
The property developer's revenues were up 12 percent to P5.4 billion in the first quarter.
Villar, who is chairman of Vista Land, expressed confidence the company will reach its full-year targets.
"We are pleased to have been able to sustain the double digit growth achieved over the past few years and should have no problem achieving our full year targets. Our first quarter reservation sales are close to P13 billion, which confirms our reading that demand for housing all around the country continues to be very strong," the former senator said.
Vista Land president and CEO Manuel Paolo Villar said the company launched 13 major subdivision projects, with an aggregate amount of P8 billion in the first quarter. Twelve of these projects are in the low and affordable segments, and mostly in the provinces such as Agusan del Norte, Palawan, Tarlac and Cebu.
"In addition to our expansion in the provinces, we have continued to move forward with our plans for the various commercial centers within our existing developments," he said.
Vista Land, the country's largest homebuilder, allocated P20 billion for capital expenditures this year.
The developer is known for masterplanned communities and brands such as Camella, Crown Asia, Brittany and Vista Residences.