The country will see more Vista Land residential projects in over 100 cities and municipalities this year, a BusinessWorld report said. However, Vista Land, the country’s largest home builder, is keeping a close eye on the troubles in the Middle East that may affect sales to overseas Filipinos.
Manuel Paolo Villar, Vista Land president and chief executive officer, said the company is launching more projects as part of its growth strategy despite the challenges in the real estate industry.
“In bad times and good times, we will be expanding in the provinces. We are going to be in more than 100 cities and municipalities by the end of the year,” Villar said.
Vista Land, owned by billionaire Manuel B. Villar, Jr., said in September 2015 that it had established presence in 92 cities and municipalities across 35 provinces. Villar said the major concerns of the industry were the slight oversupply in the vertical segment of the market and the repatriation of overseas Filipino workers from the Middle East.
“History points to it not being bad as some people anticipated, but you never can tell. So it’s something we should be looking out for,” he said. Vista Land gets 55 percent-60 percent of its sales from overseas Filipinos. There have been worries about the escalating tensions in the Middle East which would adversely affect Filipino workers and cause a drop in remittances.
Money sent home by Overseas Filipino workers (OFWs) reached $25.7 billion for 2015, 4.6 percent increase over $24.63 billion in 2014. Most of the remittances came from OFWs based in the United States, Saudi Arabia and the United Arab Emirates. Villar said should the situation in the Middle East worsen, the strengthening U.S. economy may offset its impact on the residential industry.
Vista Land expects its earnings this year to get a boost from the consolidation of Starmalls, Inc. to its books after completing the acquisition of 88.25 percent of the mall. “By the end of 2016, we’re expecting Starmalls to have a very rapid growth,” Villar said.
The merger of Vista Land and Starmalls will accelerate the transformation of the former from a purely residential developer into the country’s fourth biggest integrated property developer. Vista Land grew its nine-month earnings by 18 percent to P5 billion from P4.25 billion mainly due to its core housing projects. Real estate revenues jumped 13 percent to P16.7 billion in January to September.
Formally known as Vista Land & Lifescapes, Inc. (VLL), the company was incorporated on February 28, 2007 as an investment holding company. VLL, through its subsidiaries, harnesses more than 35 years of professional expertise in residential real estate development.
The company’s projects include master-planned developments and stand-alone residential subdivisions which offer lots and housing units to customers in the low-cost, socialized, affordable, middle-income and high-end market segments.
The company operates through five distinct business units, namely Brittany Corporation; Crown Asia Properties, Inc.; Camella Homes, Inc.; Communities Philippines, Inc.; and Vista Residences, Inc. These units are involved in various real estate markets, ranging from the low-cost housing segment to the high-end market and offering luxury houses in master-planned communities.
The company and its subsidiaries’ projects for the past three years include Portofino; Crosswinds; La Posada; Mosaic; Avant; Citta Italia; Maia Alta; Ponticelli; Tierra Nevada; Nova Romania; Cerritos; Pacific Residences; Trevi Towers; Savannah; Plantacion Meridienne; Solariega; Gran Europa; Azienda; and Wedgewood.
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