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Filinvest expects P10-B sales from two planned high-rises

Posted on April 15, 2011 07:06:59 PM [ BusinessWorld Online ]
FILINVEST LAND, Inc. expects to make P10 billion from two high-rise buildings planned for Metro Manila with land for the projects already secured, an official said on Friday.
"We will selectively do high risers," Filinvest Land President and Chief Executive Joseph M. Yap told reporters after the company’s stockholders meeting in Makati, adding that the company recently secured new lots in Makati and Quezon City.
The two projects "may be sufficient for about P10 billion in sales," Mr. Yap said without elaborating.
"Our target is to exceed 2010 sales," he added.
The Gotianun-led property developer last year recorded a 45% surge in revenues to P8.246 billion versus the previous year’s P5.684 billion.
It made P2.95-billion in profits, up 8% from the 2009 figure.
The company is targeting to launch around P13 billion worth of developments in 2011 comprised of 17 new projects and 24 additional phases of existing projects according to earlier reports.
The latest planned buildings will be the second and third high-rise development of the listed property firm after the earlier announced project dubbed The Linear. The Linear, a two-tower development in Makati, will have 24 storeys per building and is the company’s first high-rise residential project in Metro Manila. Turnover for the first tower is in December 2012.
Listed Filinvest Land had said it allotted P12 billion for spending this year, more than double its expenditures in 2010, to expand its real estate portfolio. This year’s capital expenditure will be financed internally and through borrowings.
Shares in Filinvest Land closed two centavos higher at P1.26 apiece on Friday. -- NJCM
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