By Jenniffer B. Austria | May. 10,
2014 at 12:01am [ manilastandardtoday.com ]
Filinvest Land Inc., the property arm
of the Gotianun group, is spending P20 billion this year to finance real estate
development projects and landbanking activities.
Filinvest Land president Lourdes
Josephine Gotianun-Yap said in an interview at the sidelines of the annual
stockholders’ meeting the company would spend half of the amount to develop leasing projects, including
retail and office. The company plans to expand leasing space by 2.5 times to
870,000 square meters by 2017 from 346,000 square meters at the end of 2013.
Filinvest Land is earmarking at least
P8 billion for the development of residential projects and P2 billion for land
acquisition.
Yap said the company might tap the
debt market by the second half of the year to partially finance the P20-billion
programmed spending for the year.
The company is developing leasing
projects in several part of the country, including Tagaytay, Cebu and Alabang,
as it aims to increase the contribution of
the business to the net income to 40 percent over the next few years.
It is also putting up
transport-oriented hubs in Quezon City, Alabang, Pasay, Makati and Ortigas.
Yap said during the stockholders’
meeting the company would launch 22 projects
worth P17.5 billion this year. Most of the projects would be in the
affordable and mid-income housing segments, she said.
“FLI has
expanding our affordable brand, not just in the greater Metro Manila area but
as well as other areas of Luzon, Visayas and Mindanao,” Yap said.
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