Filinvest Land earned P4.6B in 2014
GOTIANUN-led property developer Filinvest Land Inc. posted a 16-percent growth in net profits last year to P4.6 billion, fuelled by growth in its residential business and the expansion of its office leasing operations.
Consolidated revenues rose by 22 percent to a record P16.9 billion, FLI told the Philippine Stock Exchange on Thursday.
FLI recorded P13.2 billion in revenues from its residential projects, 26 percent more than the level posted in the previous year. This was attributed to strong demand for its residential product offerings, particularly the Futura Homes affordable housing projects, medium-rise buildings that carry the “Oasis” and “Spatial” brands as well as its Studio Series high-rise buildings.
Revenues from rental assets, on the other hand, rose by 11 percent to P2.26 billion as the firm booked higher revenues from its new office buildings “Filinvest One” and “Plaz@ E” at Northgate Cyberzone located in Filinvest City in Alabang.
“The outstanding performance of FLI in 2014 was brought about by the company’s ability to address the needs of homebuyers as reflected in the consistent growth of residential sales and its ability to execute its plans to increase office as well as retail spaces in key locations nationwide,” FLI chief executive officer and president Josephine Gotianun Yap said.
FLI currently operates 14 buildings and is completing construction of three more office buildings, “Filinvest Two” and “Filinvest Three” at Northgate Cyberzone and Filinvest Cebu Cyberzone Tower 1, which will increase its office portfolio to 274,971 square meters (sqm).
The property developer rolled out P12.5 billion worth of residential projects in 2014. For this year, the company is targeting to launch an additional P16 billion worth of inventory.
Among the projects launched during the year was “100 West”, an iconic mixed-use development comprising of a high-rise residential tower, 15,637 sqms of business process outsourcing (BPO) office space and three floors of convenient shopping space, strategically located at the corner of Sen. Gil Puyat Avenue and Washington Street in Makati.
FLI also beefed up its core business of affordable housing by launching new horizontal development projects in Tarlac, Rizal, Laguna, Batangas and Palawan.
The company is one of the pioneers in providing office space to BPOs starting with its Northgate Cyberzone in Filinvest City, Alabang which was launched in 2001.
FLI said that the firm was on track with its plans to triple its recurring income portfolio by 2019 to about 970,000 sqms.
“We are targeting to increase our gross leasable area to three times our current office and retail space inventory within the next five years. For 2015, we are adding around 67,506 square meters of office space and 85,034 square meters of retail space to our portfolio,” Gotianun-Yap said.
