Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers and the largest homebuilder, generated consolidated total revenues of P32.7 billion and consolidated net income of P6.4 billion for the year 2020, a decline of 26% and 45%, respectively from last year. Despite the impact of the COVID-19 pandemic on the Company’s business operations, Vista Land displayed resilience especially in its commercial business with rental revenues dropping only by 7% and its ability to quickly launch projects when presented with opportunities due to its land bank and presence across the country.
“The past year truly challenged our ability to move forward despite the presence of a global health crisis. However, it even proved to be one of our most innovative years yet as we accelerated our digital transformation to reach and to better serve our clients,” said Manuel B. Villar, Jr., Vista Land Chairman. “We are glad to have witnessed the sustained uptrend of our reservation sales registering 37% growth since the second quarter of last year and are looking at 2021 with optimism following the resilient OF remittances in 2020 and its projected growth of up to 4% this year. Our leasing business, notwithstanding the series of lockdowns, was able to ramp up to 95% operational gross floor area (GFA) since the majority of our tenants are categorized as essential,” he added.
The Company’s total consolidated assets as of 31 December 2020 stood at P284.1 billion. Its capital expenditures for the year amounted to P24.6 billion.
“In 2020, we maximized the use of our existing rawland and were able to launch P5.0 billion worth of residential projects in the last quarter alone to end the year with a total launch value of P10.0 billion as the upward trajectory of our sales persists. We also added over 90,000 square meters of GFA for our leasing business, mostly commercial centers as we took advantage of the captive demand of our residents,” stated Manuel Paolo A. Villar, Vista Land President & CEO. Despite the decrease in revenues amid the pandemic, the Company was able to record a 42% EBITDA margin and has reduced its net gearing ratio to 0.87x from 0.92x in 2020. “Vista Land will continue to capitalize on its geographic reach as the demand and preference of affordable housing located outside Metro Manila continues to be seen. We are also looking at increased foot traffic with the start of the vaccination rollout this year. Right now, our leasing business enjoys foot fall of 45-55% of pre-COVID,” he added.
Vista Land operates its residential and commercial property development business through six distinct business units. Camella Homes, Communities Philippines, Crown Asia, Brittany, and Vista Residences are focused on residential property development, while Vistamalls is involved in commercial property development.
Visit Vista Land’s website at https://vistaland.com.ph/ for more information.