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Filinvest Land allots P20b for ’14 projects

By Jenniffer B. Austria | May. 10, 2014 at 12:01am [ ]

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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