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.
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