FLI expects office, mall rental to drive growth

PROPERTY developer Filinvest Land Inc. (FLI) said its office and retail spaces will continue to grow, as its rental revenues continue to grow.

“We remain very positive about the company’s prospects and continued growth as our new office buildings and retail developments are taken up by tenants. We also expect residential revenues to remain stable,” FLI President and CEO Josephine Gotianun-Yap said.

For the three quarters of the year ending September, the company said its rental revenues grew 31 percent to P3.15 billion, from P2.4 billion last year on new building completions.

It added Vector Three building, located in Northgate Cyberzone Alabang, added 36,000 square meters (sq m) of gross leasable to the company’s office portfolio of 22 office buildings totaling 348,000 sq m.

Three more buildings are slated to be completed and turned over in 2017. These are Axis One in Filinvest City in Alabang, Cebu Cyberzone Tower Two in Lahug, Cebu City, and the first office building in Mimosa + Clark, Pampanga.

As a result, total office space will increase to 423,000 sq m by the end of 2017, or a 36-percent increase from last year.

FLI said it has eight other buildings under construction, mostly to be located in Metro Manila and one in Clarkfield in Pampanga.

The company said it is also growing its retail rental-space portfolio after the opening of Main Square Community Mall in Bacoor, Cavite, and Fora Mall in Tagaytay. These two malls added 50,000 sq m to FLI’s retail portfolio, which now stands at 211,000 sq m.

On the residential side, FLI said it has already launched residential projects in Metro Manila, Rizal, Dumaguete, Davao and Iloilo this year.

To date, it has so far developed more than 2,500 hectares of land and sold more than 160,000 housing units.

For the nine months of the year, FLI said its income grew 7 percent to P3.7 billion, from last year’s P3.46 billion.

Revenues also grew 7 percent to P14.52 billion, from last year’s P13.6 billion on major expansion of its rental-property portfolio and the continued strong demand for its retail and office spaces.