Vista Land & Lifescapes Inc, a Philippine-listed integrated property developer, views 2021 with optimism following the company’s recent developments amid the pandemic.
In a disclosure to the Philippine Stock Exchange, Vista Land said its optimism comes as it saw a number of positive signs of recovery since the reopening of the economy last June.
In fact, the company’s reservation sales were sustained and are now at 70 per cent of pre-COVID level, said Visa Land Chairman Manuel B. Villar.
This prompted the company to restart launching residential projects in its existing land banks. Additionally, since 55 per cent to 60 per cent of Vista Land sales are coming from overseas Filipinos, the resiliency of the remittance, which amounted to US$24.6 billion and are down only 1 per cent as of October 2020 helped in the sales uptrend, Villar added.
As for the company’s leasing business, its operation gross floor area has increased to about 95 per cent as government-imposed restrictions started to ease. Vista Land is now experiencing over 50 per cent of pre-COVID level foot traffic.
“The continued price increase for house and lot products in the provincial areas as shared by Banko Sentral ng Pilipinas (BSP) bodes well for the Company,” said Manuel Paolo A. Villar, Vista Land President & CEO.
In a recent report, BSP stated that for the third quarter prices for single detached/ attached housing units have increased to 7.4 per cent while residential properties outside NCR went up 6.4 per cent from the same period last year.
“Vista Land is the biggest homebuilder with the widest geographic presence among others. We generate over 50% of our real estate revenues outside the Mega Manila area,” he added.
Vista Land focuses on the development of integrated urban developments combining lifestyle retail, prime office space, university town, healthcare, themed residential developments, and leisure components. – BusinessNewsAsia.com.