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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