VILLAR-LED Vista Land and Lifescapes, Inc. (VLL) posted an attributable profit of P2.85 billion in the first quarter of 2019, 12% higher year on year.

In a regulatory filing, the listed property developer recorded a 14% jump in revenues to P11.44 billion, driven by higher sales from its affordable housing segment, as well as improved rental income from its operating malls.

“We are pleased to have been able to achieve solid growth over the past years and it should be the same this year as we take advantage of the synergies between our residential and leasing businesses,” VLL Chairman Manuel B. Villar, Jr. said in a statement.

Real estate sales alone went up by 12% to P8.79 billion, as revenues from its Camella brand surged 33% to P3.16 billion. The company noted that it saw a higher number of sold homes completed or under construction in the Mega Manila area during the period.

VLL’s affordable housing brand outside Mega Manila called Communities Philippines also posted a 28% increase to P4.58 billion, due to more number of houses completed or under construction at the time.

“Demand for our housing products has been stable as our sales from Overseas Filipinos remained solid at over 50% of our total sales and we are also seeing an increase in domestic demand,” VLL President and Chief Executive Officer Manuel Paolo A. Villar said in a statement.

The positive performance of the affordable housing segment was dampened by the 54% drop in revenues from VLL’s projects catered toward the middle class, such as Vista Residences.

Its other brands, Crown Asia and Brittany targeting the middle-income to high-end housing segment, also reported lower revenues due to fewer projects.

Meanwhile, rental income improved 18% to P1.8 billion for the quarter, after the company raised rental rates in its existing malls and added more leasable spaces. VLL last year completed its target to have 1.3 million square meters in gross floor area for its commercial business.

VLL said it unveiled about P10.8 billion worth of projects in the first quarter, out of its target to launch up to P60 billion for the entire year.

The company is spending P40 billion in capital expenditures this year to support its expansion plans.

Shares in VLL were unchanged at P7.12 each on Wednesday. —Arra B. Francia