Filinvest Land nets P3.5B
GOTIANUN-led property developer Filinvest Land Inc. increased net profit in the first nine months by 7 percent year-on-year to P3.46 billion, driven mostly by higher rental revenues from its office property portfolio.
Consolidated revenues reached P13.60 billion or an increase of 6 percent from last year, FLI said in a press statement on Friday.
The company’s profit increase was attributed mostly to the 14 percent growth in rental revenues to P2.28 billion. FLI completed three new buildings in the last quarter of 2015, contributing revenues in the first nine months. FLI expects full-year revenues from these buildings to be reflected in 2017.
FLI has just completed two new buildings, “Filinvest Cyberzone Bay City 1 & 2” in the Bay area with 37,000 square meters (sqms) of gross leasable area (GLA).
The company now operates 21 buildings totaling 312,000 square meters of GLA. By the end of 2016, FLI’s office portfolio will reach 348,000 GLA or around 70 percent more than 2014 levels.
FLI is also growing its retail rental space portfolio. The 200,000-sqm Festival Mall in Alabang is undergoing a major expansion project to add almost 100,000 additional sqms of GFA. The first phase of this expansion is now open to the public.
Aside from the Festival Mall expansion, retail developments are underway all over the country. Among the ongoing retail developments are: the “Fora Mall” in Tagaytay which will have 48,000 square meters of mall space; “Center Square Community Mall” in Molino, Cavite which is part of the Princeton residential development and will add 28,000 square meters in new retail space; and the 57,000-sqm “Il Corso Mall”, the seaside lifestyle mall located in City di Mare, a township development at the South Road Properties in Cebu City.
FLI’s retail portfolio is expected to double its end-2015 level, reaching more than 433,000 square meters of GFA by yearend.
To ensure growth in the residential sales business, FLI announced plans to launch projects that address the needs of its core market – first-time home buyers and ultimate end-users. More than 70 percent of its products are house-and-lots and mid-rise buildings located nationwide.
FLI is set to invest an additional P5 billion in the next three years in Mindanao as it expands its Futura Homes economic housing and Spatial medium-rise building affordable condominium portfolios with new projects in South Cotabato and Davao City. FLI has also launched residential projects in Cavite, Rizal, Bulacan and other key locations this year.
To date, FLI has developed more than 2,500 hectares of land and sold more than 160,000 housing units.
“We are confident of sustained growth for the company as we continue to launch new residential projects in key locations nationwide and to complete our office and retail developments, further strengthening our recurring income business,” FLI chief executive officer and president Josephine Gotianun Yap said.
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