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Filinvest Land to boost leasable space by 58%

Posted on December 28, 2014 09:57:00 PM [ BusinessWorld Online ]
FILINVEST LAND, Inc. said it plans to boost its gross leasable area by at least 58% next year through the expansion of its mall in Muntinlupa City and the launch of new shopping centers in Cebu, Laguna, Tagaytay and Cavite.

Filinvest Land, the property unit of Gotianun-led Filinvest Development Corp., now has leasable space of 134,090 square meters (sq.m.), it said in a statement.

The expansion of Festival Supermall in Alabang and the soft launch of four other projects will bring the real estate developer’s gross leasable area to 219,195 sq.m. next year.

The company had said in November it wants to increase its gross leasable area to around 995,000 sq.m. within five years.

Festival Supermall, the company’s flagship mall located in Alabang and managed by its wholly owned subsidiary Festival Supermalls, Inc., will add 46,705 sq.m. in 2015 to the current 134,090 sq.m. of leasable space, Filinvest Land Corporate Communications Manager Christine A. Gaylican said in a mobile phone reply on Sunday.

Meanwhile, the developer’s retail and commercial centers in Cebu and Laguna will be operational in 2015, according to Filinvest Land Senior Vice-President for Commercial Center and Retail Management Joy Polloso.

Construction is ongoing for Il Corso, the company’s lifestyle, retail and dining strips in Cebu. The project will have 11 connected buildings with a gross floor area of 55,000 sq.m. and a gross leasable area of 36,000 sq.m.

“The Central Piazza where the main entrance and amphitheater are located will be ready to welcome guests early next year,” Ms. Polloso said.

The company’s 4.4-hectare project in Laguna, The Village Front, is planned to be the commercial area for the Brentville International community in Biñan.

Fora, Filinvest Land’s mixed-use development at the Tagaytay Rotunda, will be complete by 2016 and will house 32,000 sq.m. of retail and mall space.

Also in 2016, the company will launch Center Square Community Mall in Molino, Cavite, which will add 20,000 sq.m. of retail space to its portfolio.

Filinvest Land Chief Executive Officer and President Josephine Gotianun-Yap earlier said the property developer will be making “significant investments” in its recurring income portfolio to provide “stability” to its revenue stream.

Filinvest Land’s net income rose 19% to P2.89 billion in the nine months ending September, buoyed by its leasing business. Revenues also climbed 27% to P11.82 billion.

Filinvest Land’s shares gained three centavos or 2.01% to close at P1.52 each on Tuesday. Philippine financial markets were closed from Dec. 23 for the holiday break and reopen today. -- Daphne J. Magturo            
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