MANILA, Philippines – Vista Land and Lifescapes Incorporated is set to project revenues and profits to continue to grow in double digits over the next 3 years, as it aims to become of the leading property developers by 2020.
Vista Land founder and chairman Manuel Villar Jr said the company is likely to register between 12% to 15% growth in annual sales and profits for its residential business as the developer remains aggressive in launching new projects.
For commercial and leasing business, Villar said it will likely post faster growth rate of 22% over the next 3 years.
Villar said the group will launch more projects in Metro Manila and in other provincial areas, as people move back to their provinces with expected improvement in infrastructure and more employment opportunities are being created in areas outside Metro Manila.
"We aim to become a major integrated mixed-use player by 2020. You will see a different Vista Land going forward," Villar said.
"We are now the biggest property developer outside Metro Manila, so it benefits us that government policy is moving towards the countryside," he added. While its residential business continues to expand, Villar said Vista Land is also opening new malls and office buildings with estate development.
At present, Vista Land has 72 commercial assets consisting of 22 malls, 7 office buildings, and 50 community malls as well as other retail format.
"Our malls alone will be increased to 60 in 3 years," Villar said. (READ: How Vista Land edges out competition - Villar)
Aside from malls, Vista Land is also looking to generate more recurring earnings from its hotel business, which currently has a presence in Tagaytay and Boracay where the firm acquired a small resort.
"We will be opening 6 new hotels in 3 years. These will be a combination of our own Hotel Mella brand and international hotel brands and will be located in Boracay, Tagaytay, Balanga in Bataan, Cebu and Vista Alabang in Daang Hari," Villar said.
He said most of the hotels will have around 150 rooms although the one they are building in Costa Vista Boracay will be bigger at around 300 rooms. The project is located at the upscale portion of Boracay, between Shangri-La and Movenpick resorts. – Rappler.com