Vista Land optimistic for 2021 both for its residential and leasing businesses
29 December 2020
Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers and the largest homebuilder views 2021 with optimism following the Company’s recent developments amid the pandemic.
“While COVID-19 continues to impact our performance, both on our leasing and residential businesses, we also have seen a number of positive signs of recovery since the reopening of the economy last June. The upward trend of our reservation sales were sustained and are now at 70% of pre-COVID level. This prompted the Company to restart launching residential projects in our existing land banks. In addition, since 55% to 60% of Vista Land sales are coming from overseas Filipinos (OF), the resiliency of the OF remittance, which amounted to US$24.6 billion and are down only 1% as of end October 2020 helped in the sales uptrend. As for our leasing business, our operational gross floor area (GFA) has increased to about 95% as government-imposed restrictions started to ease and we are experiencing over 50% of pre-COVID level foot traffic. System-wide occupancy rate is steady at 89%,” said Manuel B. Villar, Jr., Vista Land Chairman.
“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% while residential properties outside NCR went up 6.4% 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.
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