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Filinvest sets P13B for 5 residential projects

[ ] August 13, 2010

Filinvest Land Inc. (FLI) will spend P13 billion in three to four years on five mid-rise residential projects on strong demand for middle-income housing, FLI president Joseph Yap yesterday said.
Yap said FLI will realize sales of P4 billion to P5 billion from these projects within one year, of which P2.2 billion will be on stream this year.
Yap said the five projects are part of the 14 new projects and 18 new phases that the Filinvest group is launching. These are expected to raise P9 billion in sales this year.
"This is 42 percent higher in terms of launches in 2009," Yap said.
Yap said FLI is setting aside P6.8 billion to P7 billion in capital expenditures over the next three years to finance these projects with internally generated funds from projects that have been sold.
Yap said if necessary, FLI will borrow from banks. He said the company has P7 billion worth of receivables that it can rediscount.
Yap also did not discount the possibility of returning to the retail bond market. An earlier plan to issue P3 billion worth of RTBs remains in the back burner as FLI does not need financing at this time.
He added FLI needs to do more selection land banking for its mid-rise and high-rise projects because the group does not have enough suitable land.
In Metro Manila, for example, FLI has 10 hectares in its land bank for mid-rise projects. The inventory is good for only two to three years.
Yap said sales take-up remains strong and like other real estate firms, FLI is bullish of prospects for the year "just judging from our launches.
He said sales from overseas Filipino workers or their families account for 50 percent of FLI sales.
The five projects are led by the P5.5 billion Citta di Mare located in the South road project reclamation area in old Cebu City.
About P4 billion will be spent for the commercial, retail, hotel and hypermarket development in a waterfront strip called Il Corso. The 10-hectare land is owned 100 percent by FLI.
The 40-hectare residential component of the project is being undertaken in joint venture with the Cebu City government, with the land as its equity. Called Amalfi Osasis, this will be a cluster of mid-rise buildings offering 1-bedroom, 2-bedroom and 3-bedroom units.
Target completion for phase one is 2015.
FLI also launched Tower 2 of The Linear, a P2 billion project near the corner of Buendia and SLEX after it sold out 95 percent of Tower 1 within a year of its launch.
The Linear, a residential and commercial hub catering to young urban professionals, has an area of 7,413 square meters.
The Linear offers studio, 1-bedroom and 2-bedroom units priced at a range of P1.5 million to P5.88 million each. The 20-percent down payment is payable in 36 months at P10, 200 per month. Monthly amortization, thereafter, is as low as P18, 600 for bank financing.
FLI is spending P3.5 billion for Sorrento Oasis, a 6.3-hectare development of 8 mid-rise buildings on Raymundo avenue, Ave, Ortigas, Pasig. Priced at P1.26 million to P3.15 million, Sorrento Oasis units in buildings A and B are set for completion in December 2011. Inclusive of the down payment, monthly payment is as low as P10,000. Monthly amortization thereafter is P16, 000.
Maui Oasis is a P1-billion development of five mid-rise buildings for studio, 1 bedroom and 2-bedroom units costing P1.2 million to P3.4 million each. Completion is set for September 2011 for Building 1 and December 2011 for Building 2.
Capri Oasis is another P1 billion development on Sixto Antonio avenue, Maybunga, Pasig.
The six buildings comprose 600 units of studio, 1-bedroom, 2-bedroom and 3-bedroom units costing P1.2 million to P4.4 million each.
Completion of three of the six buildings is in 2012.

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