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Filinvest Land loses BoI incentives

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.

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