Vista Land eyes more project launches this year

by Cathy Rose A. Garcia, ABS-CBNnews.com

Posted at Mar 18 2015 02:35 PM | Updated as of Mar 18 2015 10:35 PM

MANILA, Philippines -- Vista Land & Lifescapes, the property company owned by the Villar family, is planning to launch more projects this year.

This after Vista Land reported its net income hit P5.7 billion in 2014, 13 percent higher than the previous year. The company said this was the highest in its history.

Vista Land said revenues from real estate sales reached a record high of P22.2 billion in 2014, 11 percent up from a year ago. The Camella brand accounted for 75 percent of total revenues.

Reservation sales jumped 12 percent to P51.7 billion in 2014.

"The pipeline for future sales is very good," Vista Land president and CEO Manuel Paolo Villar said.

He said the company will launch new projects throughout the country, although these are still being finalized.

"We expect a big increase in launches this year. We plan to launch big projects in Daang Hari. Vista City launches will be quite large. We will launch condo, mid-rise and high rise (projects) There will be a significant increase in launches this year," he said.

"We're expanding everywhere, Luzon, Visayas and Mindanao."

Vista Land, whose brands include Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences, is already present in 34 provinces, 76 cities and municipalities around the country.

Villar said the company is still finalizing capital expenditures for this year, but expects it will be a "significant" increase from last year's P21 billion.

Also, Villar said the company looking to raise at least $100 million this year via debt to refinance loans and fund its capex.

"Rates are very low. We're taking advantage of low rates," he said.

The company is looking at both peso and dollar loans with maturity of five years to settle $46 million in debt maturing this year and finance new projects. - With Reuters