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Gotianun’s Filinvest Land nets P2.89b, posts revenues of P11.8b

By Jenniffer B. Austria | Nov. 11, 2014 at 11:01pm [ ]

Filinvest Land Inc., the property unit of the Gotianun family, said net income in the first nine months of the year rose 18.6 percent to P2.89 billion from P2.43 billion year-on-year.

Filinvest Land said in a statement consolidated revenues grew 27.6 percent to P11.82 billion from January to September 2014 against P8.47 billion a year ago on the robust growth of the residential business as well as the office leasing operations.

Residential revenues climbed 31 percent to P9.16 billion from P6.97 billion, driven by strong sales in horizontal housing and medium-rise building projects.

Revenues from rental assets rose 10 percent to P1.65 billion from P1.50 billion generated in the previous year, as the company recognized additional revenues from  new office buildings.

Filinvest Land is launching P17.5 billion worth of residential projects in 2014, including five medium-rise buildings with a total sales value of P3.9 billion and 10 horizontal projects with estimated revenues of P4.5 billion.

It plans to launch two leisure project with sales value of P500 million and two high-rise buildings with estimated revenues of P6.4 billion.

One of the projects launched in the first nine months of the year was 100 West, a mixed-use development high-rise tower with residential, retail and office components at Sen. Gil Puyat Avenue in Makati. Filinvest president and chief executive Josephine Gotianun Yap said the company would make significant investments in its recurring income portfolio over the near-term period.

“We believe that the rental business will provide the stability of revenue streams. This is why a significant amount of our capex will be earmarked for investment properties,” Gotianun said.

The company is targeting to increase its gross leasable area to about 995,000 square meters within five years, or almost three times the current office and retail space inventory.

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