Vista Land optimistic in 2021 with wider reopening of economy

Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers and the largest homebuilder, is optimistic about its prospects in iews 2021 following its 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,” said Vista Land Chairman Manuel B. Villar, Jr.

_{Vista Land Chairman Manuel B. Villar, Jr.}

He noted that, “The upward trend of our reservation sales were sustained and are now at 70 percent of pre-COVID level. This prompted the Company to restart launching residential projects in our existing land banks.”

“In addition, since 55 percenbt to 60 percent 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 percent as of end October 2020 helped in the sales uptrend,” Villar said.

He added that, “For our leasing business, our operational gross floor area (GFA) has increased to about 95 percent as government-imposed restrictions started to ease and we are experiencing over 50 percent of pre-COVID level foot traffic. System-wide occupancy rate is steady at 89 percent.”

“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 Vista Land President & CEO Manuel Paolo A. Villar.

In a recent report, BSP stated that for the third quarter prices for single detached and attached housing units have increased to 7.4 percent while residential properties outside NCR went up 6.4 percent 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.

Article and Photo originally posted by Manila Bulletin last December 28, 2020 5:49pm and written by James A. Loyola. Minor edits have been made by REBPH to cater to its own readers.