Thursday, August 27, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
GOTIANUN-LED Filinvest Land, Inc. will tap the debt market to finance capital requirements for its projects until 2010.
In a disclosure yesterday, Filinvest Land said it would conduct a public offering of three-year and five-year fixed-rate debt securities worth P5 billion within the fourth quarter.
The property company earlier said it plans to spend around P5.3 billion for its projects this year, which include five to six mid-rise residential buildings and two business process outsourcing buildings. Also, 29 projects worth P7.4 billion were scheduled to be launched this year.
These include the company’s first high-rise project in Makati, the P1.5-billion The Linear which will be composed of two residential towers with a podium and commercial spaces.
The 23-story tower will offer 1,734 affordable residential condominium units to be built in four phases. It is expected to be completed in 2012.
Filinvest Land has also been pre-qualified to join a project by the government to redevelop the Cultural Center of the Philippines on Roxas Boulevard. The plan is to turn the 62-hectare property into a center for business and economic activity with arts and culture as focal point.
Shares in the property company went up by 4.08% or to P1.02 apiece yesterday.