Vista Land eyes OFW market as it expands in provinces
|Vista Land & Landscapes president & CEO Manuel Paolo Villar rings the bell at the Philippine Stock Exchange as Senator Manuel Villar looks on.
MANILA, Philippines - Vista Land & Lifescapes, the country's biggest horizontal homebuilder, is looking to expand in the provinces.
In an interview on ANC, Vista Land president & CEO Manuel Paolo Villar said the company has just launched projects in Bohol and Puerto Princesa.
"We have about 1,830 hectares our in land bank, 80% of which is in Mega Manila. We're looking to expand our provincial component. We just launched in Bohol, sales are very good. We launched in Puerto Princesa... We have developments in Luzon, Visayas and Mindanao, we have by far the broadest geographic width of any developer. We plan to dominate that more. We're not in enough places and we want to expand," he said, as Vista Land marked the fifth anniversary of its listing on the Philippine Stock Exchange (PSE).
Vista Land, a company owned by the family of Senator Manuel Villar, is making a push in the provincial area, as it seeks to attract overseas Filipino buyers. At present, around 60% of Vista Land's sales are to overseas Filipinos, who are looking to find a home in their hometowns in the provinces.
"A lot of OFWs like to buy their homes from where they come from and that's not primarily Metro Manila. A lot of them want to live in the provinces. That's where we come in, we provide homes. That's one of the expansion strategies we're trying to execute and have been executing in the last few years, expand in the provinces and serving the underserved market," Villar said.
Villar noted that its unit Camella Homes is the leader in affordable and low-cost housing. Camella Homes represents 70% of Vista Land's revenues.
"In 2011, we sold the most number of units. and that sales momentum is very strong, especially in the provincial areas, demand is very good," Villar added.
In the first quarter of 2012, Vista Land posted a net income of P1.06 billion, 22% higher from the previous year. First quarter revenues stood at P4 billion, while reservation sales hit the P10 billion mark for the first time.
Villar said the company is looking at a stronger second half, as it launches new projects. Vista Land is planning to launch 8 residential condominiums this year.
"Obviously, we'll have strong momentum going into the second half. Definitely when you look at our first quarter reservation sales, which represent sales in the future, you can see our growth has been much more rapid, 50%. I think we have a very good sales pipeline and going forward in the second half and next year," he said.