Vista Land sets 2019 capex at P40B
The property holding company of the family of Manuel Villar has earmarked P40 billion for its capital expenditures this year, lower than the P45 billion spent in 2018.
Manuel Paolo Villar, president and CEO of Vista Land, said the company would continue its aggressive expansion as demand for its housing products remained stable, especially from overseas Filipinos, which accounted for over 50% of the total sales.
During the first quarter, Vista Land rolled out P10.8 billion worth of new projects across the country.
“2019 promises to be another record year for Vista Land. We are pleased to have been able to achieve solid growth over the past years and it should be the same this year as we take advantage of the synergies between our residential and leasing businesses,” said Vista Land founder and chairman Manuel B. Villar.
Vista Land grew its first quarter net earnings by 12% to P2.9 billion, driven by the sustained growth momentum of its core residential business and the contribution from its leasing business. Revenues climbed 14% to P11.4 billion, of which P1.9 billion came from leasing operations.
With an established presence in 147 cities and municipalities across 49 provinces as of the end of the first quarter, Vista Land focuses on the development of Communicities, – integrated urban developments combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.