Filinvest Land, Inc. (PSE: FLI), the publicly-listed property arm of Gotianun-led Filinvest Development Corporation (FDC), reported a 16% increase in net income to PhP3.21 billion from PhP2.78 billion in the first half of 2018. FLI reported a 19% rise in gross revenues to PhP12.62 billion, driven by a 30% increase in rental revenue, which reached PhP3.38 billion, and a 25% increase in real estate sales revenue, which amounted to PhP8.43 billion.
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. This was driven by strong demand for FLI’s wide range of residential product offerings — from affordable housing projects and mid-rise building communities under Futura, Filinvest’s smart-value homes brand portfolio; to a wide selection of themed horizontal, resort-inspired mid-rise, and
highly accessible high-rise communities developed under Aspire, Filinvest’s dynamic lifestyle brand that caters to the middle-income segment.
FLI continues to launch projects that address the needs of the affordable and middle-income markets, which remain to be underserved. For the balance of the year, FLI plans to launch PhP22 billion worth of residential projects in Metro Manila, Cavite, Rizal, Laguna, Batangas, Bulacan, Pampanga, Dagupan, Bacolod, Iloilo, Davao, Zamboanga, Cagayan de Oro and other key locations.
Rental revenues grew 30% on the back of the completion of its new office buildings. FLI now operates 29 office buildings totaling 510,000 square meters of gross leasable area (GLA). The company targets a total of 1 million square meters of office space by 2023 with office buildings located mainly in Metro Manila, Clark Special Economic Zone, including New Clark City, and Cebu.
“We are very pleased with the first half results as we experienced significant growth in both the residential trading business as well as the recurring income business. 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 CEO and President Josephine Gotianun Yap said.
FLI 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 Phase 1 of the Filinvest at New Clark City’s Industrial Park, a 64-hectare innovation and logistics park which is envisaged to serve as the economic base of the development, is targeted for the first quarter
FLI will also introduce new leasing products such as dormitels to address the growing demand for workforce residences near the workplace.
FLI owns 20% of Filinvest Alabang, developer of Filinvest City, while parent FDC owns 80%. Filinvest City is a fully-integrated, self-contained, master-planned urban development. Within Filinvest City, approximately 312,000 square meters of residential properties have been built-up with 542,000 square meters of retail space and 696,000 square meters of office space developed by Filinvest Alabang, Filinvest Land and other developers.
About Filinvest Land, Inc.
Filinvest Land, Inc. (FLI) is the developer of large scale townships across the Philippines which include: Havila (306 hectares), Timberland Heights (677 hectares) and Manna East (60 hectares) in Rizal, Ciudad de Calamba (350 hectares), City di Mare in Cebu (50 hectares) and Palm Estates in Talisay City (51 hectares). FLI owns 20% of Filinvest Alabang, developer of Filinvest City (244 hectares), a central business district in southern Metro Manila. FLI is also developing two townships in the Clark Special Economic Zone: its industrial and logistics park and mixed-use development at New Clark City (288 hectares) and Filinvest Mimosa+ Leisure City (201 hectares) in partnership with FDC; FLI handles the residential, office and mall projects while FDC handles the leisure and hospitality projects through its hotel arm. As of June 30, 2019, FLI has built more than 200 residential developments across the country.