Villar's Vista Land books ₱5.8B in H1

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Metro Manila (CNN Philippines, August 14) — The Villar-led Vista Land & Lifescapes Inc. booked ₱5.8 billion during the first semester, boosted by more houses sold and higher rental fees from commercial space.

In a disclosure, the listed property firm said its bottom line grew by 11 percent compared to its ₱5.2 billion net income from January-June 2018.

Gross revenues grew to ₱23.4 billion. Vista Land Chairman Manuel Villar, Jr. said strong home sales, which remains the company's core business, contributed to higher profit.

Reservation sales picked up by 8 percent to ₱41 billion, with most housing units sold to end-users like families as well as overseas Filipino workers. Its subsidiaries include Brittany Homes, Camella Homes, and condominium arm Vista Residences.

Vista Land opened new subdivisions and residential properties worth ₱16 billion during the first half, majority in the provinces. Meanwhile, the group spent ₱19 billion in investments during the period.

The company also generated ₱3.9 billion from rental fees, which picked up by 17 percent from last year. The developer said this was driven by additional commercial space opened for lease.

Vista Land said it leasing portfolio is largely for malls and retail establishments, with only about 2 percent of its entire portfolio rented out to offshore gaming offices.

Villar said the company is on track to hit a fresh all-time high profit this year, adding that sustained economic growth and higher household incomes will fuel additional sales.

Vista Land said it also expects a boost from the "continued infrastructure development around the country especially in areas outside Metro Manila," saying they have an advantage given their presence in the regions.