Vista Land Completes Acquisition of Starmalls
LasPinas—(PHStocks)—Vista Land & Lifescapes Inc., (PSE: VLL)one of the country’s leading integrated property developers, released its full year 2015 results, posting a net income growth of 14% to PhP7.2 billion, including Starmalls Inc.’s (PSE: STR) net income for the year, which became a subsidiary after its acquisition last year. In a disclosure to the Philippine Stock Exchange (PSE), the company also stated that its 2015 revenues hit a record PhP28.7 billion or 12% increase. The company earlier reported that it had completed its acquisition of 88.34% of Starmalls after the end of its tender offer period last 15 February 2016.
The company’s total consolidated assets as of year-end 2015 totaled to PhP152.9 billion compared to the 2014 year-end level of PhP125 billion.
“We are very pleased to report that 2015 is another record year for the company,” said Manuel Paolo A. Villar, Vista Land’s president and CEO. “Our strategy in the residential sector is paying off and our recent acquisition of Starmalls adds stability to our existing operations. As we integrate both platforms, the complementary nature of residential and commercial developments will enable us to achieve higher selling prices, increased sales velocity and higher retail rental rates from our improved integrated product offering, as well as lower land acquisition and infrastructure costs,” he added. Vista Land is the holding company of five residential business units, Brittany, Crown Asia, Camella Homes, Communities Philippines, and Vista Residences with the addition of Starmalls, its commercial business arm.
“We are confident with the Company’s prospects especially now that Starmalls is now part of Vista, that provides a significant source of recurring income in addition to our core and stable enduser business,” Vista Land Chairman Manuel B. Villar Jr. said. “The acquisition also strengthens the company’s position as a top four integrated property developer in the country. We have identified about 100 areas or over 600 hectares of land from our exisitng Communicities around the country with ready population catchment areas for potential Starmalls projects.”
Vista Land has an established presence in about 95 cities and municipalities across 36 provinces and intends to focus on the development of Communicities, an integraged urban develoments combining lifestyle retail, prime office space, university town, healthcare, themed residential developments and leisure components.