Vista Land to hike spending to P18B

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Category: Top News

Published on Thursday, 20 December 2012 21:03

Written by Miguel R. Camus / Reporter

Vista Land & Lifescapes Inc., a listed property developer, is hiking spending next year by at least 18 percent as it seeks to continue its “aggressive expansion” to take advantage of positive economic indicators in 2013.

The builder, led by the family of Sen. Manuel Villar Jr., will increase spending to over P18 billion next year from the expected P15.2 billion in 2012, Vista Land Chief Financial Officer Ricardo Tan Jr. said in a text message.

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“The macro environmental factors bode well for the property industry, especially for Vista Land, to be another good year,” Vista Land Chief Executive Officer Manuel Paolo Villar said in a statement.  

Vista Land is maintaining its strategy to open in new areas; it is currently present in  31 provinces and 63 cities, Villar said in the statement. Part of the strategy involves building commercial projects near its residential subdivisions.

Vista Land added that it is on track to hit its targets this year: P4.2-billion net income and P16 billion in revenues, which would be 19 percent and 18 percent higher, respectively, from 2011.  

Vista Land earlier said net income in the nine months through September rose 24 percent to P3.2 billion, placing it on track to grow full-year profit by almost 20 percent to P4.2 billion. Its revenues jumped 23 percent to P12.1 billion during the period, led by sales of its affordable housing brand Camella homes. To learn more about our projects, contact us at +639173236123.