Billionaire Manuel B. Villar listed property developer Vista Land & Lifescapes Inc. has successfully raised P6 billion through the issuance of triple-A rated peso-denominated fixed-rate bonds.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said the bonds consist of Series F bonds priced at 7.5426 percent per annum (p.a.) due December 2026 and Series G bonds at 7.6886 percent p.a. due December 2028.
The bonds have been rated AAA by Credit Rating and Investors Services Philippines, Inc. (CRISP) and PRS Aaa by the Philippine Rating Services Corporation, which are both the highest ratings assigned by PhilRatings and CRISP.
The bonds issued represent the first tranche of the P35 billion worth of Fixed Rate Bonds, which was registered under shelf registration with the Securities and Exchange Commission.
They were offered through the Joint Issue Managers, Joint Lead Underwriters, and Joint Bookrunners, China Bank Capital Corporation, SB Capital Investment Corporation and Union Bank of the Philippines.
Vista Land has renewed its growth trajectory as its net income shot up by 70 percent to P8.22 billion for the first nine months of 2023 from P4.82 billion in the same period last year.
One of the country’s leading integrated property developers and the largest homebuilder, Vista Land said that, as of the end of the third quarter of 2023, it has launched 27 projects with an estimated project value of about P40 billion.
“We are delighted with our results, as we remain optimistic with the industry for the rest of the year with the strong GDP growth of 5.9 percent coupled with sustained growth in OF remittance and revenge spending from consumers, all of which contributed to the positive performance of the group,” said Vista Land Chairman Manuel B. Villar Jr.
He added that, “we have been launching more projects this year which was a factor in the 10 percent growth in our reservation sales to P53.1 billion for the period.”
“With the holiday season approaching, we eagerly anticipate welcoming an increased number of customers to our commercial centers as well as our Overseas Filipinos coming home during the holidays which bodes well for our residential sales,” he added.
Villar noted that, “as we move forward, our aim is to maximize our existing resources specifically our land as we remain committed to our mission of building communities across the Philippines that stand the test of time.”
Vista Land’s consolidated revenue for the first nine months 2023 registered at P27.4 billion, marking an 18 percent increase.
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The article was originally published in Manila Bulletin and written by James A. Loyola.
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