By James A. Loyola

Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers, is upgrading its profit growth target for 2018 after registering a strong performance during the first semester of the year.

In a press briefing, Vista Land President Manuel Paolo Villar said they are raising their profit growth target to 15 to 17 percent this year from the earlier projection of 12 percent.

“Because we are doing better. Sales are better,” said Villar adding that, “as usual, we are very bullish. We are very optimistic.

Vista Land registered a 17 percent growth in net income for the first semester of 2018 to P5.2 billion from P4.5 billion in the same period last year.

Consolidated revenues increased by 16 percent to P21.1 billion from P18.2 billion in the comparable period a year ago.

Real estate and recurring revenues both registered 16 percent growth to P16.7 billion and P3.3 billion, respectively, as the firm launched more projects and opened more malls nationwide.

“We are very pleased with our first semester results which brings us closer to achieving another record year,” said Vista Land Chairman Manuel B. Villar Jr.

He noted that, “Vista Land continues to deliver solid performance, now fueled by the better than expected performance of our core housing business in addition to our continued expansion in our commercial assets.”

“Our reservations sales grew 18 percent during the period to P38.0 billion which outpaced our 12 percent growth in the previous period,” Villar said.

Vista Land’s Founder said “we remain optimistic for the industry given the strong and improving demand in our residential business as well as the sustained growth of our leasing business propelled by the steady growth in the disposable income, overseas Filipino remittances, sound Philippine macroeconomic fundamentals and continued infrastructure development around the country especially in areas outside Metro Manila, where we have a competitive advantage given our geographic reach.”

Villar said the firm intends to continue expanding its reach and should be in 160 cities and munipalities by the end of the year from the current penetration of 143 cities and municipalities.