Filinvest Land to launch P30B worth of projects
FILINVEST LAND, Inc. (FLI) will be launching P30 billion worth of projects this year, as it maintains a positive outlook for the property sector.
This is almost double the P16 billion worth of projects FLI unveiled in 2018, according to a company statement issued on Monday.
“Our outlook on the property sector remains positive, with our 37% year-on-year growth in reservation sales in 2018. We continue to focus on the more stable end-user market in the residential sector,” FLI Chief Executive Officer and President Josephine Gotianun Yap said in a statement.
FLI’s residential projects primarily cater to the affordable and middle-income markets through the Futura and Aspire brands.
The listed firm’s positive outlook comes amid a four percent increase in its net income in 2018 to P6.08 billion, versus the P5.83 billion it posted in 2017. Revenues, meanwhile, grew by 10% to P22.21 billion, mainly due to a 27% increase in rental revenues to P5.61 billion.
“We allocate significant resources toward growing our recurring rental income business, which is on track to meet our target of contributing 50% of FLI’s net income,” Ms. Gotianun Yap said in a statement.
The company ended 2018 wth a gross leasable area (GLA) of 712,000 square meters (sq.m.) across 31 office and retail developments. It further has a pipeline of 21 projects that will add 500,000 sq.m. of GLA, in line with its target to have 1.6 million sq.m. in GLA by 2023.
FLI’s office developments are located mainly in Northgate Cyberzone-Filinvest City in Muntinlupa; Filinvest Mimosa+ Leisure City in Clark, Pampanga; and in Cebu City.
The company develops mixed-use estates alongside its parent, Filinvest Development Corp. (FDC). FLI owns 20% of the 244-hectare Filinvest City in Muntinlupa, and is also responsible for the industrial, residential, offce, and mall projects in the 201-hectare Filinvest Mimosa+ Leisure City in the Clark Special Economic Zone.
It is also partly developing industrial and logistics zone Filinvest Gaia New Clark City, which covers about 288 hectares with FDC.
On its own, FLI’s townships include 306-hectare Havila, 677-hectare Timberland Heights, and 60-hectare Manna East in Rizal, as well as Ciudad de Calamba in Laguna and City di Mare in Cebu.
Shares in FLI dropped 1.99% or three centavos to close at P1.48 each at the stock exchange on Monday. — Arra B. Francia
Business Mirror | March 12, 2019 | https://www.bworldonline.com/filinvest-land-to-launch-p30b-worth-of-proj...