Published on 21 March 2013 [ manilaimes.net ]
Written by MADELAINE B. MIRAFLOR
The real estate business of the Gotianun family, Filinvest Land Inc. (FLI), is setting aside P20 billion for its capital spending this year, as it targets to its expand malls, residential and office developments.
In a filing with the Philippine Stock Exchange (PSE), FLI disclosed that for this year, the firm intends to spend P20 billion for capital expenditures.
It further said that P10 billion of the P20 billion capex is earmarked for residential project development costs, while P7 billion will be spent for the construction of office buildings and malls. The remaining P3 billion will be allocated for land banking activities.
Also, as part of FLI’s plan to double the gross leasable area (GLA) of its business process outsourcing office buildings by 2015 from the end-2011 level, the company has started constructing the first of four BPO office buildings at Filinvest Cebu Cyberzone, a 1.2-hectare joint venture project with the provincial government of Cebu that FLI won the right to develop in March last year.
The first building will have a GLA of over 19,000 square meters.
FLI said that for the retail component of its business, it is expanding the Festival Supermall at Filinvest Corporate City by another 110,000 square meters, bringing the total gross floor area (GFA) to 310,000 square meters, maintaining its position as the biggest mall in south Metro Manila.
The developer will also start constructing two malls, one in Tagaytay City, and the second at its Princeton Heights residential project, both located in the Cavite province.
At the end of 2012, FLI had a land bank of 2,251 hectares, inclusive of 379 hectares under joint venture agreements. The land bank also includes 29 hectares in six locations in Metro Manila earmarked for mid-rise, high-rise and mixed-use developments that are targeted for launch within the next two years.
In the same PSE filing, FLI also reported that its net income in 2012 increased 17 percent year-on-year to P3.43 billion from the P2.94 billion it generated in 2011, which translates to an earnings a share (EPS) of 14.1 centavos compared to 12 centavos in 2011.
FLI said that the growth in its net income was driven by the 27-percent increase in its real estate sales to P8.798 billion from P6.953 billion in 2011, while its total revenues jumped to P11.609 billion from P9.589 billion.