By Jenniffer
B. Austria | Sep. 23, 2014 at 11:01pm [ manilastandardtoday.com ]
Filinvest
Land Inc., the real estate unit of the Gotianun family, has reclassified its
planned business park in General Trias, Cavite into a residential development.
The reclassification
prompted the Board of Investments to revoke the company’s certificate of
registration as new developer of business park.
Filinvest
Land said in a disclosure to the stock exchange the company voluntarily sought
for the cancellation of its certificate of registration after deciding to change the land use of the Asenso Village
in General Trias, Cavite from business park catering to micro, small and medium
enterprise to a residential project offering socialized housing and affordable
housing units.
Filinvest
Land said in a letter to the BoI it reclassified the project because of the
weak acceptance from prospective buyers.
Filinvest
Land said the Asenso Village project attracted just 18 interested buyers out of
the 581 lots offered for sale since its launching in 2007.
“It is for
this reason that FLI decided to amend to the land use of the project from MSME
Business Park to a mix of socialized housing and affordable housing project and
as a consequence, FLI requested for the cancellation of its registration with
the BoI as new developer of Business Park,” Filinvest Land said.
Asenso
Village is a pioneering property development concept of Filinvest Land that
offers housing and business opportunities. It has similar project in Calamba,
Laguna.
Filinvest
Land is one of the country’s leading property developers that offers affordable
residential projects.
Consolidated
net income in the first half of 2014 rose 15 percent to P2 billion from P1.74
billion year-on-year on higher real estate sales.
Consolidated
revenues increased 24 percent to P7.8 billion as real estate sales jumped 30
percent to P6.1 billion, while rental income grew 7 percent to P1 billion.
The real
estate segment remained the revenue driver of Filinvest Land, accounting for 79
percent of the group’s sales during the period.
