Manila, Philippines–Manny Villar’s Vista Land & Lifescapes Inc., one of the country’s largest homebuilders, posted a net income of P10.5 billion in 2018, a strong growth of 16% driven by its residential developments and commercial leasing business.

The company’s consolidated revenue grew 15% to P41.5 billion from P36 billion last year. The revenues from real estate were up 15%, at P31.9 billion; revenues from commercial leasing were up 15%, too, at P6.9 billion.

“We’re very pleased to report that 2018 is another record year for the company,” said Villar. “We saw a marked improvement in our reservation sales, which grew 16% to P75 billion.

He added, “We have successfully implemented the expansion program of our leasing business ending 2018 with 1.4 million sqm of gross floor area (GFA)…We remain optimistic for the industry given the robust demand in our residential business as well as the continued growth of our leasing propelled by the steady growth in Filipinos’ disposable income, Overseas Filipino remittances, and the infrastructure development around the country, especially in areas outside Metro Manila…”

Vista Land intends to focus on the development of Communicities, an integrated urban development combining lifestyle retail, prime office space, university town, healthcare, themed residential developments, and leisure components.

The company’s total consolidated assets as of December 31, 2018, stood at P238.3 billion compared to P199.9 billion in 2017.