FEU beefs up land bank

Far Eastern University (FEU) has expanded its land inventory with the acquisition of a 1.6-hectare property in Barangay Biluso in Silang, Cavite.

The land, which can be developed into a new campus to serve Southern Luzon, was bought from Moldex Realty Inc. for P40.22 million, FEU disclosed to the Philippine Stock Exchange on Tuesday.

“Such parcel of land was acquired for purposes of future expansion,” the disclosure said.

FEU obtained board authority to purchase this lot more than a year ago but the actual purchase was consummated only on May 27.

In July last year, FEU purchased two buildings in Silang, Cavite, amounting to P200 million and P217.87 million, respectively. These buildings were recorded under the account property, plant and equipment in its statement of financial position.

The university also has an existing authority from its board to acquire and purchase from Philinvest Alabang Inc., a parcel of land in Filinvest Corporate City, Muntinlupa amounting to P998.24 million also for future expansion. Likewise, a medium- term loan of P800 million was secured to finance this purchase.

In June 2010, a new school site, FEU Makati Campus, was constructed and opened at the Makati area to offer business courses.

FEU’s total assets as of end-2012 amounted to P6.43 billion.

Net income after tax for the three quarters ending December 2012 stood at P651.31 million, rising from P451.04 million a year ago. Enrollment for the first and second semesters of school year 2012-2013 increased by 10.11 percent and 8.13 percent, respectively, compared to the year-ago levels. Doris C. Dumlao