FLI adds prime Cubao property to land bank

Gotianun-led property developer Filinvest Land Inc. has expanded its land bank in the metropolis with the acquisition from the Ramos family of a prime lot in Cubao along the Edsa intersection which it will develop into a mixed-use complex.

The idle lot, a little over one hectare in size, was bid out by its owners last year.

“We got this big property in Cubao,” said FLI president Josephine Gotianun-Yap, confirming that FLI had won the auction for the Ramos property.

She said this was in line with FLI’s thrust to expand recurring earnings from office leasing and to embark on new commercial developments near transportation hubs.

During her presentation to FLI’s stockholders in an annual meeting on Friday, Yap said Cubao would be among FLI’s new sites for commercial development. At this location, FLI plans to have about 40,000 square meters of gross leasable area (GLA) by 2017.

Likewise, part of the plan is to put up on this new Cubao site a hotel that will cater to a broader market, she said.

During the meeting, Yap said FLI was investing in assets that will provide recurring earnings and build a rental business with a much wider geographic coverage. The company’s GLA is expected to rise by 2.5 times the end-2013 level to reach 870,000 sqms by 2018.

FLI has a total landbank of 2,356 hectares which could be distributed to its horizontal (house and lot), vertical (high-rise and mid-rise residential), office leasing and shopping mall developments. Out of these, she said office leasing landbank could unlock additional 450,000 sqm of GLA.

Recently, FLI also won the bidding held by the state-owned Government Service Insurance System to dispose of an idle property in Ortigas. The 2,411-square-meter Philcomcen building in Ortigas Center was bought by FLI for P771.5 million.

Based on FLI’s presentation, about 30,000 sqm of office space can be built in the future on the Ortigas property, which will likewise be developed into a mixed-use complex.

Additional office space will also be rolled out as part of FLI’s mixed-use developments, such as the One Binondo complex near Tutuban in Chinatown and the 100 West development along Sen. Gil Puyat Ave., Makati City.

One Binondo will also have residential, hotel, retail and micro-retail components aside from office while 100 West will have residences, retail shops and business process outsourcing office space.

At its main Filinvest City hub, FLI’s upcoming office towers, Filinvest Two and Filinvest Three, will have 23,000 sqm each. It recently completed Filinvest One and Plaz@E, adding to its office portfolio.

More office towers are seen rising in Filinvest City: Megablock One which will have 38,000 sqm by 2017 and Megablock Two similarly with 38,000 sqm by 2018.

Across Manila Bay, FLI’s Bay City will have additional 16,000 sqm of office space through Bay City One in 2016, to be followed by Bay City Two which will also have 16,000 sqm.