PROPERTY developer Filinvest Land Inc. (FLI) expects its top line and bottom line to grow at least 10 percent this year, as most of its projects are in full swing and will start operating in the next few months.
The company closed 2018 with profits of P6.08 billion, revenues of over P22.21 billion, up 4 percent and 10 percent, respectively, from the prior figures.
Josephine Gotianun-Yap, FLI president, said the company is allocating between P30 billion and P32 billion in capital expenditures (capex), a 45-percent increase from the previous year’s P22 billion.
Yap said this year, P13 billion will be allocated as capex for investment properties and P7 billion for land acquisition.
Yap said the company may raise P10 billion through financing, a portion of which could be through a bond sale to finance its capital expenditures.
“At the end of 2018, the fourth year of our five-year expansion program, our recurring income portfolio reached 712,000 square meters. The rental business now accounts for 46 percent of the company’s total net income. For 2019, we expect to add 240,000 sq.m. of gross leasable area in office and retail space. We believe this will bring us to accelerated growth in the succeeding years as we complete our five-year accelerated expansion plan,” Yap said.
“We continue to plan for further expansion by targeting an additional 600,000 sq.m. of GLA by 2023,” she added.
Yap said part of this push is the company’s venture into the logistics and industrial parks space, pioneered by its New Clark City development.
The company is putting up 64,000 sq.m. of logistics-space portfolio in its 288-hectare New Clark City project, providing large spaces needed by logistics and light manufacturing companies, while it prepares the plan for a similar development in two more areas yet to be disclosed.
FLI is set to start ground development for Phase One of New Clark City this year amid positive inquiries from potential locators and partner-developers, Yap said.
Filinvest Land expects to launch P30 billion worth of residential projects this year, up from P16 billion last year, “across all our brands and across the country,” she said.