Vol. XXI, No. 192 [ Business World Online ]
Thursday, May 1, 2008 | MANILA, PHILIPPINES
THE ROLLOUT of more projects is expected to push the net income of listed property developer Filinvest Land, Inc. by up to a quarter, its top official said yesterday.
In a talk with reporters, FLI President Joseph M. Yap said the company is targeting 20% to 25% profit growth with the launch of 30 new projects and the opening of finished ones.
"We have lined up new projects and phases for launch in 2008. This year, we’re allotting P6.5 billion for both residential and business process outsourcing projects," he said following the company’s stockholders’ meeting.
Mr. Yap said Filinvest Land would be launching two more sites to replicate its mid-rise building project, One Oasis, that was first introduced in Ortigas. There is a similar project in Davo City.
One Oasis comprises 10 five-storey residential buildings. The one in Ortigas has two BPO buildings included in the development.
He said the One Oasis project would be replicated in Santolan, Quezon City and Sta. Mesa, Manila. Both will target mid-income Filipinos.
"We’re pretty confident that there will always be demand for this particular market. That’s basically an end-user market so we still see a stable demand," Mr. Yap said.
The 30 new projects, including One Oasis, are estimated to generate an additional inventory value of about P10.2 billion, two-thirds higher than the P6.1 billion from 17 new projects last year.
Mr. Yap added that Filinvest Land would increase its leasable office space by another 59,000 square meters. — LNPL
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