FLI eyes P12-B debt paper offering
Updated on December 10, 2024 at 12:21 p.m.
Gotianun-led developer Filinvest Land Inc. (FLI) will tap the debt market to raise up to P12 billion as it pursues expansion in the residential sector amid rising demand for properties outside Metro Manila.
In a stock exchange filing on Monday, FLI said its executive committee had approved the offer and issuance of the peso-denominated fixed-rate bonds.
The real estate arm of conglomerate Filinvest Development Corp. (FDC) added that its management team has yet to disclose the timing of the bond offer, although the maturity period will be “up to 10 years.”
READ: Residential segment lifts Filinvest Land profit
The issuance represents the second tranche of FLI’s P35-billion shelf-registered bond program previously approved by the Securities and Exchange Commission. FLI raised P12 billion from the first tranche in November 2023.
Article continues after this advertisementThis comes amid FLI’s plans to launch projects in areas outside Metro Manila as investors and potential homeowners eye other regions for investment.
Article continues after this advertisementLast month, FLI broke ground for a new township in Iloilo province, where it expects to generate P1.8 billion in sales.
The 11.4-hectare Iloilo Central will stand in the municipality of Leganes and house residential units, commercial spaces and retail pods, FLI said.
This is the developer’s second project in the province after the One Spatial Iloilo condominium in Mandurriao district.
It also extends FLI’s reach in the Visayas, apart from ongoing developments in Cebu and Dumaguete.
FLI previously said it had wanted to launch P25 billion worth of projects this year through the residential business, its main income driver.
In September, FLI announced plans to venture into the condotel business after acquiring a Tagaytay City-based hotel operator for P400,000.
FDC’s real estate business under FLI, Filinvest Alabang and Filinvest REIT Corp. saw a 27-percent uptick in revenues to P21.8 billion in the first nine months of the year due to higher residential sales and mall rentals. —Meg J. Adonis
