PROPERTY developer Filinvest Land Inc., the listed property arm of Gotianun family, said it plans to launch some P22 billion worth of residential projects in Metro Manila and other parts of the country, targeting the affordable and mid-income markets which it said remain underserved by other developers.
Real-estate sales for the first half of the year ending June rose 25 percent to P8.43 billion, the company said.
“Residential revenue growth is attributable to the high sales take-up levels in the past quarters, as well as the completion of high-rise and mid-rise residential buildings,” the company said.
The company said it will launch projects in Cavite, Rizal, Laguna, Batangas, Bulacan, Pampanga, Dagupan, Bacolod, Iloilo, Davao, Zamboanga, Cagayan de Oro and other key locations.
FLI income rose 16 percent to P3.21 billion during the six months of the year from P2.78 billion last year, driven by its rental revenue as it builds dormitels (dormitory-hotels) and industrial parks.
Revenues rose 26 percent to P11.8 billion from last year’s P9.34 billion, driven by a 30-percent increase in rental revenue, which reached P3.38 billion.
Rental revenues grew 30 percent on the back of the completion of its new office buildings.
FLI now operates 29 office buildings totaling 510,000 square meters (sq m) of gross leasable area.
The company targets a total of 1 million sq m of office space by 2023 with office buildings located mainly in Metro Manila, Clark Special Economic Zone, including New Clark City and Cebu.
“Our performance in the residential sector has shown our ability to address the needs of the affordable and middle-income home buyers which we consider our core market. Our performance in the office sector has also demonstrated our competence in serving the needs of our locators. We are very optimistic of further growth for the company,” FLI President and CEO Josephine Gotianun Yap said.
FLI said it is expanding to logistics and industrial parks as part of its recurring income portfolio to address the growing needs of logistics, light manufacturing, technology and e-commerce companies looking to support inventory management.
Completion of the first phase of the Filinvest project at New Clark City’s Industrial Park, a 64-hectare logistics park, is targeted in the first quarter of 2020.
FLI will also introduce new leasing products such as dormitels to address the growing demand for work force residences near the workplace.
FLI owns 20 percent of Filinvest Alabang, developer of Filinvest City, while parent firm Filinvest Development Corp. owns the rest of the 80 percent.
Within Filinvest City, approximately 312,000 sq m of residential properties have been built up with 542,000 sq m of retail space and 696,000 square meters of office space developed by Filinvest Alabang, Filinvest Land and other developers.