VILLAR-LED Vista Land and Lifescapes Inc. on Thursday said it targets to launch at least P50 billion worth of residential projects this year, and said the company targets more of the overseas Filipino workers and domestic buyers, and not the foreign Chinese workers for the offshore gambling sector.
“Our leasable spaces are mostly retail malls which limits our Pogo [Philippine offshore gaming operators] exposure and any crackdown on those Pogo will not impact to our overall financial performance,” Manuel Paolo A. Villar, the company’s president and CEO, said.
The company launched residential projects with an estimated value of P16 billion in the first semester and are looking at adding more for the remaining half of the year as demand from its core residential business both from overseas Filipino and domestic homebuyers remains strong, Villar said.
“We target to launch at least P50-billion projects in terms of project value for 2019, which will still be mostly in the low and affordable segment and outside Metro Manila,” he said.
Vista Land earlier said its net income grew 11 percent during the six months of the year ending June to P5.8 billion from P5.2 billion last year on strong sales of its residential developments while its offices are boosted by its retail expansion.
Revenues rose at the same pace 11 percent to P23.4 billion from P21.13 billion last year. Leasing revenues for the period increased by 17 percent to P3.9 billion, from P3.3 billion in the prior year period.
Reservations sales grew 8 percent during the period to P41 billion, which is still majority overseas Filipino and over 90 percent are end-users, the company said.