LISTED property developer Vista Land & Lifescapes Inc. earmarked P1.5 billion for a 24-month share buyback program, in an apparent move to support its market value.

In a filing to the Philippine Stock Exchange, Vista Land said its board authorized the share buyback following an organizational meeting on Wednesday. Other details, including the timing and volume of the share purchases, were left to the discretion of the management, it added.

Shares of the builder rose 0.97 percent to P3.11 each on Wednesday’s close.

Vista Land had cash reserves of P3.32 billion at the end of the first quarter. It also recently sold $75 million worth of five-year 8.25-percent bonds, proceeds of which were earmarked for its capital budget and corporate expenses.

The company last bought back shares in 2007 to 2008 and spent P620.8 million for the exercise, a spokesperson said on Wednesday.

Vista Land earlier said it expects continued profit growth this year given better sales coming from its flagship brand Camella Homes which caters to the mid-level to low-end housing segment.

The developer expects net income to grow by 13 percent to P3.4 billion in 2011. It reported that first-quarter net income rose 26 percent to P873 million while revenues were also up a fifth to P3.56 billion.

Vista Land launched five subdivision projects in the first quarter—two in Mindanao, and one project each in Batangas and Naga, as well as a P3.4-billion project in Laoag, Ilocos Norte.

Four more mid-rise buildings were launched, valued at P2.6 billion.

Vista Land has earmarked P11.1 billion for capital expenses this year, as it hopes to launch up to 12,000 new units, higher by a fifth from the 2010 level.

Vista Land is a holding company composed of five housing developers— Brittany, Crown Asia, Camella Homes, Communities Philippines and condominium development subsidiary Vista Residences.