Vista Land & Lifescapes, Inc., the country’s largest homebuilder, released its audited financial results for 2011, posting a net income of P3.53 billion compared to P3.01 billion in 2010. The company disclosed that 2011 was a record year in terms of revenues, net income, and reservation sales performance, exceeding its expectations for the year. In a disclosure to the Philippine Stock Exchange (PSE), the company said its revenues from real estate sales reached P13.51 billion in 2011.

“2011 turned out to be better than we expected, and we are pleased to have exceeded our internal targets. Our strategy of targeting the affordable and low-end market segments has been very successful, resulting in particularly strong growth from Camella Homes and Communities Philippines,” said Ricardo B. Tan, Jr., Chief Financial Officer of Vista Land.

Vista Land is the holding company of five business units, Brittany, Crown Asia, Camella Homes, Communities Philippines, and Vista Residences. The company’s total consolidated assets as of year-end 2011 totaled P67.57 billion compared to the 2010 year-end level of P60.48 billion.

Company President and Chief Executive Officer Manuel Paolo Villar stated that the company expects continued strong performance in 2012. “We are projecting around 20% revenue and earnings growth for 2012 which should result in another record year for our company.” Villar said. “Demand for housing in the Philippines continues to be very strong so we are expecting robust growth in reservation sales given our planned project launches countrywide.” he added. Vista Land’s planned capital expenditure outlay is projected to exceed PHP15 billion for 2012.

“We launched 23 new projects in 2011 - valued at about P21billion,” said Villar. “I believe that given our track record in execution and in identifying key market trends, the growth rates delivered by our company are sustainable” he added.

The company will continue to accelerate project developments in three main flagship projects, namely, Evia in Las Pinas, Lakefront in Sucat, Muntinlupa, and Sta. Elena in Sta. Rosa, Laguna.

“We continue to be optimistic about our company’s prospects for the coming years. With a strategically located land bank of 1,811 hectares nationwide, Vista Land is well-positioned to take advantage of continued strong demand in the sector,” Tan said. “In fact, we are actually widening our lead in terms of total annual sales of house and lot packages as we continue to open new projects countrywide.” He added. The Camella brand is widely considered to be the number one housing brand, having been established about 35 years ago.

The country’s largest homebuilder with the widest geographic reach, Vista Land is recognized for its themed and masterplanned communities that offer quality housing across all market segments. Its stock (ticker:VLL), which is listed on the Philippine Stock Exchange, has increased about 35% since the beginning of the year.