Vista Land & Lifescapes, Inc. (PSE: VLL), one of the country’s leading integrated property developers and the largest homebuilder is looking to spend PhP25 billion for capital expenditures for the year 2020. Of the PhP25 billion CAPEX budget, 90% of which is for construction and land development and the remainder is for land acquisition and payment of land payables.
The Company already spent PhP6.5 billion in capital expenditures during the first quarter of the year. Vista Land, however, still closely monitors the situation and changes in the consumer behavior as a result of the “new normal”. “We are revisiting our planned project launches as well as the expansion program of our leasing business for the rest of the year. And as previously mentioned, we have the capacity to fast track construction if we deem it necessary,” said Manuel B. Villar, Jr., Vista Land Chairman.
The Company is also optimistic in terms of its residential business as it is seeing pick up in activity as well as improvement of its reservation sales. The Company’s June sales are already at about 70% of pre-COVID level with sales in July tracking better than June. These sales are predominantly online, a solid response to the Company’s aggressive shift to digital platforms for its marketing initiatives. “We are hoping that these encouraging signs in our residential business will continue. With the growing importance of staying at home, we are also seeing an increased preference for our housing products especially in the provincial areas. We are now taking advantage of Vista Land’s geographic reach, being present in 147 cities and municipalities across the country,” said Vista Land President & CEO, Manuel Paolo A. Villar.
Vista Land intends to focus on the development of Communicities, an integrated urban developments combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.