by Jenniffer B. Austria
[ Manilastandardoday.com ] April 16-17, 2011
Filinvest Land Inc., the property unit of tycoon Andrew Gotianun Sr., is building up its leasing portfolio as it considers forming a Real Estate Investment Trust company.
Filinvest Land president Joseph Yap said in an interview following an annual stockholders’ meeting that the company planned to add another 56,000 square meters of gross leasable area for office space and another 44,000 sq. m. of shopping space.
Filinvest Land currently has a total of 285,000 sq. m. of leasable area, with 135,000 sq. m. in the form of retail space and 150,000 sq. m. in office space.
Yap said the company is building Vector Two, an 11-story office building located within the Northgate Cyberzone in Filinvest Corporate City in Alabang.
The building, which is scheduled to be operational by August this year, will make available 18,000 sq. m. of office space for business process outsourcing companies.
Filinvest Land is also building two more BPO buildings scheduled for completion by 2012. The first is a 10-story building that will offer 16,000 sq. m. of space in front of the Zapote-Alabang Road and the second is a five-story building with 17,500 sq. m. in Mandaluyong City along Edsa.
“These will increase the company’s total office building portfolio by 37 percent to over 206,000 sq. m. by 2012,” Yap said.
Prior to the completion of the new BPO buildings, Filinvest Land has 150,000 sq. m. of space for office buildings.
Meanwhile, Filinvest Land is expanding the Festival Supermall in Alabang to add 44,000 sq. m. of retail space.
The P2.9-billion expansion project will be implemented over a period of two to three years, Yap said.
The expansion plans are geared toward increasing the company’s recurring rental income, which currently accounts for 17 percent of net profit.
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