[ Malaya.com.ph ] April 8, 2010
ALBERT CASTRO
Realty firm Filinvest Land, Inc. (Filinvest) yesterday said that net income last year grew 8 percent, at P2.02 billion compared to P1.87 billion the previous year.
Total revenues reached P5.64 billion, 8 percent higher than the previous year’s P5.23 billion, with the bulk coming from real estate sales.
At P3.68 billion, real estate sales contributed over two-thirds of the company’s revenues. Rental income from the commercial spaces in Festival Supermall, PBCom Tower and Northgate Cyberzone in Alabang, contributed 21 percent, at P1.188 billion from P1.14 billion the previous year.
"Despite the downturn in the economy, and the effects of September’s typhoon Ondoy, FLI was one of the few developers that was able to sustain growth in its sales. Total residential sales reservations generated in 2009 reached P7 billion, 6 percent more than the P6.6 billion generated in 2008. Demand for FLI’s core business of residential mass housing, composed of socialized, affordable and middle-income markets, remained steady, and contributed over 90 percent of total sales," the company said.
Filinvest Land said that buyers’ interest in its newest product line, the medium-rise buildings (MRBs), "remained strong."
"From the initial offering of One Oasis Ortigas in Pasig City, the Oasis series has now expanded to include Bali Oasis Marcos Highway, One Oasis in Davao and Cebu, Maui Oasis Sta. Mesa in Manila, Sorrento Oasis Pasig and Capri Oasis Pasig. MRB projects are inner city projects with five-storey buildings clustered around the project’s central amenity area. MRBs are attractive because they offer a much better living environment due to its low density development, compared to a high-rise condominium building. In addition, the cost of the unit is less due to lower construction cost because of the lower building height," it said.
"MRBs in inner city locations provide an alternative to buyers who do not want the daily commute to and from Laguna and Cavite, and prefer the lower cost and better quality of life provided by MRBs compared to high-rise condominium projects within Metro Manila. Another major advantage to the buyers is the lower association dues for MRBs as compared to high-rise condominium projects," it added.
As of end of 2009, Filinvest Land had 77 ongoing projects nationwide --- including seven new projects and 23 additional phases that were launched in 2009 --- with a total sales value of P6.4 billion.
"These projects bolster FLI’s position as a leading provider of housing in the country," the company said.
This year, Filinvest Land plans to launch 13 new projects and 23 additional phases with an estimated sales value of P8.6 billion across all market segments.
This includes four new socialized housing projects in Cavite, Batangas and Bulacan, as well as two new affordable housing projects, also in Batangas and Cavite.
Filinvest currently has a total land bank of 2,433 hectares which will enable the Company to continue to launch new projects to meet future market demand.
FLI is targeting to break ground in 2010 on Citta de Mare, its flagship development within the South Road Properties (SRP) in Cebu City. Land development will commence soon on part of the 10.6 hectares earmarked for a mixed-use development, as well as on the first of the residential buildings within the 40 hectares allocated for residential use.
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