Tycoon Manuel Villar Jr.’s Vista Land & Lifescapes Inc. will double down on horizontal project launches in provincial areas after reporting an 11 percent profit increase to P3 billion during the first quarter of 2024.
In a statement on Thursday, the developer reported consolidated revenue of P10 billion, an increase of 11 percent. Real estate revenues amounted to P5 billion while rental income reached P4.1 billion.
P30-B investment spree
Total capital spending for the year is estimated at P30 billion, of which 98 percent will be used for residential and land development purposes.
The remaining amount will be used for land acquisition.
Vista Land successfully deployed P7 billion in spending during the first quarter of the year.
Leasing push
Manuel Paolo A. Villar, President and CEO of Vista Land also outlined plans to strengthen their leasing portfolio.
“We will also continue to maximize our leasable space which is currently at 1.6 million sqm of gross floor area or over 100 investment properties consisting of 42 malls, 56 commercial buildings and 7 office buildings,” he said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
