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Developer eyeing higher residential reservation sales

Posted on May 10, 2013 08:12:06 PM [ BusinessWorld Online ]
DEVELOPER FILINVEST Land, Inc. is looking to boost its residential reservation sales by up to 20% this year on the back of sales from its flagship mid-rise building (MRB), while looking to expand leasing portfolio to new sites in southern Luzon and Cebu in the next three years.
“We normally target a 15- to 20% increase,” Lourdes Josephine G. Yap, Filinvest Land president and chief executive officer, said during the firm’s annual stockholders meeting on Friday at then Mandarin Oriental in Makati City, when asked how much reservation sales the company was eyeing this year.
In 2012, Filinvest Land reservation sales rose by 14.91% to P13.1 billion from P11.4 billion in 2011 on the back of nine new projects and 12 phases of existing projects that were launched last year.
Asked what will drive the firm’s sales growth this year, Ms. Yap told reporters after the meeting: “Our strength will still be MRBs. Notably, our products are still very end-user oriented.”
Filinvest Land launched its first MRB in Feb. 2008, and has since completed 41 structures in various MRB projects, with another 11 structures under way.
This year, the property firm said it will launch six new MRBs worth P11 billion, bringing its total MRB portfolio to 18 developments and forming part of the company’s P20-billion projects set for launching this year.
Meanwhile, Filinvest Land has earmarked around P7 billion to build new malls and contribute to its earlier goal of more than doubling its leasing portfolio by 2015.
According to presentation materials provided Friday, Filinvest Land will be spending P2.8 billion for the 2.5-hectare Filinvest Mall Tagaytay, P1 billion for the 2.5-hectare Filinvest Mall Princeton, both of which are in Cavite and targeted to open in 2015, as well as P3.1 billion for the 7.4-hectare Filinvest Supermall Cebu, which will open in 2016.
These projects will add 84,094 square meters of gross leasable area (GLA) to the company’s current retail portfolio of 135,163 square meters in Festival Supermall in Alabang, Muntinlupa City.
Filinvest Land aims to have a GLA of 550,200 square meters by 2015, or more than double its GLA of 188,700 square meters in 2006.
Filinvest Land, formerly known as Citation Homes, Inc., was incorporated in 1989 to engage in real estate development, with business segments divided into real estate and leasing. It was listed on the stock exchange in 1993.
As of end-2012, the firm had a 2,251-hectare land bank, which includes 379 hectares under joint ventures and 29 hectares in six locations in Metro Manila.
This year, Filinvest Land plans to spend P20 billion for its capital expenditures -- P10 billion for residential projects, P7 billion for office buildings and malls, and P3 billion for land banking activities.
Part of the firm’s budget this year will be funded by the second tranche of its seven-year, P7 billion fixed-rate retail bonds first issued in June last year, Ms. Yap said.
“Filinvest Land intends to issue the second tranche amounting to P4 billion bonds in the second quarter of 2013,” the company said in its 2012 annual report.
In a separate development, the board of Filinvest Land on Friday approved the distribution of cash dividends, namely a regular cash dividend of P0.028 per share and a special cash dividend of P0.020 per share on July 3 to all shareholders on record as of June 7.
Shares of Filinvest Land rose by two centavos or 0.99% to P2.04 apiece on Friday from P2.02 on Thursday. -- Franz Jonathan G. de la Fuente
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