Manila, Philippines–Vista Land & Lifescapes Inc., one of the country’s leading integrated property developers, posted a 17% growth in net income for the first semester of 2018, P5.2 billion from P4.5 billion in the same period last year. Its consolidated revenues also increased by 16%, P21.1 billion from P18.2 billion in the same period a year ago.

Further, the company’s real estate and recurring revenues both registered 16% growth, P16.7 billion and P3.3 billion, respectively.

“We’re very pleased with our first semester results, which brings us closer to achieving another record year,” said Vista Land Chairman Manuel Villar Jr. in a statement.

“Vista Land continues to deliver solid performance, now fueled by the better than expected performance of our core housing business in addition to our continued expansion in our commercial assets,” Villar added. “Our reservations sales grew 18% during the period to P38.0 billion, which outpaced our 12% growth in the previous period.

“[The company remains] optimistic for the industry given the strong and improving demand in our residential business as well as the sustained growth of our leasing business propelled by the steady growth in the disposable income, Overseas Filipino remittances, sound Philippine macroeconomic fundamentals, and continued infrastructure development around the country especially in areas outside Metro Manila, where we have a competitive advantage given our geographic reach.”

Vista Land continues to develop its various township projects, which fuse lifestyle retail, prime office space, university town, healthcare, themed residential development, and leisure components.