The property holding company of bilyonaryo Manny Villar said it would not be aggressive on its land banking activities this year given its existing land bank, which stood at 2,968 hectares as of the end of March.
As part of its liability management exercise, VLL recently completed a $170 million dollar note offering. Proceeds will be used to refinance its dollar debt maturing in June 2022.
The country’s largest homebuilder grew its first quarter profit by 14 percent to P2.1 billion. Revenues, however, were down 13 percent to P6.3 billion. Leasing income also declined by nine percent to P2 billion.
Reservation sales, on the other hand, rose by four percent to P16 billion.
“We remain optimistic with the industry especially with current growth in OF remittances for two consecutive months that is poised to hit the full year target growth of 4% according totheBSP,” said Vista Land chairman Manuel B. Villar Jr.
Villar said over 50% of Vista Land’s sales come from OFWs and the demand from the sector remains resilient amid the tough business environment.
” We are also looking forward to the vaccination roll out of the country in relation to the further opening of the economy which will benefit not just our industry but the country as a whole,” he said.
To better serve its its clients, the company implemented an online reservation system for all its product offerings, expanded its online payment options, shifted to virtual property tours and maximized the use of social media platforms.
SOURCE: Bilyonaryo
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