Villar’s Vista Land identifies over 60 potential projects across Philippines

Villar-led Vista Land & Lifescapes Inc. said it plans to continue expanding its project portfolio as it identified over 60 potential projects for its Vista Estate unit, following the double-digit growth recorded in the third quarter.

In a disclosure to the local bourse, VLL chairman Manuel Villar Jr. said the projects were initially planned after the company revisited its reserved lands in the past two years.

“We remain optimistic with the industry with the strong GDP growth recently announced coupled with sustained overseas Filipino remittance and revenge spending from consumers,” he said.

The Philippine economy grew by 7.6% in the third quarter, while remittances from overseas Filipinos increased by 3.8% to $2.84 billion in September.

“So far we have launched six Vista Estates and this is just the beginning, we will be announcing more in the coming months. Our aim is to maximize our existing land to its best use,” Villar said.

The Vista Estate projects launched include Aspen in San Jose del Monte, Bulacan; Vidarte in Antipolo, Rizal; Stanza in Tanza, Cavite; Praverde in Dasmariñas, Cavite; Allegia in General Trias, Cavite; and North Commons in Caloocan City.

VLL also launched one CrownAsia project and five Camella projects in the first nine months of the year.

The company reported a net income of P2.407 billion in the third quarter, up from P2.144 billion the same period last year. Revenues fell to P5.804 billion from P16.583 billion, while costs and expenses dropped to P3.337 billion from P10.275 billion.

Year-to-date net income jumped to P6.683 billion from P5.983 billion, even as revenues declined to P21.232 billion from P22.389 billion while costs and expenses fell to P11.309 billion from P13.612 billion.

VLL launched P21.8-billion worth of projects as of the end of September, bringing its project value to double the full-year level in 2021.

“Our leasing business have sustained its growth momentum given the return to ‘normalcy’ and the so-called revenge spending. The footfall of our malls has been improving and even exceeded pre-pandemic levels during weekends and holidays,” VLL CEO Manuel Paolo Villar said.

The company currently has over 1.6 million square meters of gross floor area of commercial developments covering 45 malls, 56 commercial centers, and seven office buildings.

VLL’s subsidiaries include Brittany Corp., Crown Asia Properties Inc., Vista Residences Inc., Camella Homes Inc., Communities Philippines Inc., VLL international Inc., and Vistamalls Inc.

Shares in VLL were trading at P1.64 apiece, down by 2 centavos or 1.20% as of 10:27 a.m. on Wednesday.—AOL, GMA Integrated News