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Filinvest Land bares P14-b projects in ’16

posted March 02, 2016 at 11:45 pm by
Jenniffer B. Austria [ thestandard.com.ph ]

Filinvest Land Inc., the real estate subsidiary of the Gotianun family, plans to launch P14.4 billion worth of residential projects in 2016, focused on developing its core business and expanding the retail and office building portfolio to generate recurring income.

Filinvest Land said in a regulatory filing it prepared 12 horizontal developments with a total sales value of P7.2 billion and two high-rise buildings with estimated revenues of P4.9 billion.

The property company also lined up three new medium-rise buildings and two additional structures within existing developments with total sales value of P2.3 billion.

Filinvest Land aims to complete two office towers catering to the business process outsourcing companies as part of a strategic plan to triple its office portfolio by 2019.

These are Vector 3 with a leasable space of 36,345 square meters in Northgate Cyberzone, and Pasay Cyberzone with leasable area of 36,807 square meters.

For its retail portfolio, the property company said it started constructing two malls—one in Tagaytay City and another in Princeton Heights in Cavite.

Filinvest Land reported operating regular net income rose 10.9 percent in 2015 to P5.11 billion from P4.6 billion in 2014.

Total consolidated revenues in 2015 increased seven percent to P16.53 billion from P15.46 billion a year ago, boosted by robust real estate and rental sales.

Real estate sales climbed 6.4 percent to P14 billion with nearly 80 percent of the sales coming from units sold to the middle income market, including medium-rise and high-rise buildings.

Rental sales grew 9.7 percent to P2.48 billion, mainly due to higher rental revenues and increased  occupancy take up from office developments.

Filinvest Land recently bagged two long-term lease agreements involving huge properties in Clark. These are the 201-hectare former Mimosa Leisure Estate from government-owned Clark Development Corp., and the 288-hectare section of Clark Green City, which it plans to develop into a mixed-use development.

The Mimosa property is in joint venture with Clark Development, while the Clark Green City is in partnership with the Bases Conversion Development Authority.

Share price of Filinvest Land on Wednesday closed at P1.53, down 0.6 percent from previous day’s close.
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