Homebuilder Vista Land & Lifescapes Inc. expects revenues and net income to sustain a double-digit growth annually over the next three years as it aims to become of the leading property developers by 2020.
Vista Land founder and chairman Manuel Villar Jr. said in a recent interview the company would likely register 12-percent to 15-percent growth in annual sales and profit for its residential business.
Villar said the commercial and leasing business would likely register a faster growth rate of 22 percent as it remained aggressive with project launches.
He said the group would launch more projects in Metro Manila and provincial areas as people were expected to move back to the provinces with the improvement in infrastructure and more employment opportunities outside Metro Manila.
“We aim to become a major integrated mixed-use player by 2020. You will see a different Vista Land going forward,” Villar said.
“We are now the biggest property developer outside Metro Manila, so it benefits us that government policy is moving towards the countryside,” he said.
Vista Land’s residential business continues to expand to new cities and municipalities in the country. It is also opening new malls and office buildings with estate development.
Vista Land has 72 commercial assets including 22 malls, seven office buildings and 50 community malls and other retail formats.
“Our malls alone will be increased to 60 in three years,” said Villar.
Aside from malls, Vista Land is also looking to generate more recurring earnings from its hotel business which currently has a presence in Tagaytay (Crosswinds) and Boracay where the firm acquired a small resort.
“We will be opening six new hotels in three years. These will be a combination of our own Hotel Mella brand and international hotel brands and will be located in Boracay, Tagaytay, Balanga in Bataan, Cebu and Vista Alabang in Daang Hari,” Villar said.
He said most hotels would have around 150 rooms, but Costa Vista Boracay would be bigger at around 300 rooms. The project is located at the upscale portion of Boracay, between Shangri-La and Movenpick resorts.
