By Leslie D. Venzon
MANILA, March 12 (PNA) — Filinvest Land, Inc. (FLI), the real estate firm subsidiary of Gotianun-led Filinvest Development Corp., targets to launch an additional Php16 billion worth of residential projects this year, optimistic about the continued growth of its residential business.
FLI, also one of the country’s business process outsourcing (BPO) office providers, is likewise adding about 67,506 square meters of office space and 85,034 square meters of retail space to its portfolio this year.
“The outstanding performance of FLI in 2014 was brought about by the company’s ability to address the needs of home buyers as reflected in the consistent growth of residential sales and its ability to execute its plans to increase office as well as retail spaces in key locations nationwide,” said FLI chief executive officer and president Josephine Gotianun Yap.
Yap said the company is targeting to increase its gross leasable area to three times its current office and retail space inventory within the next five years, in line with plans to triple its recurring income portfolio by 2019 to about 970,000 square meters.
FLI bared this year’s product launches after its consolidated net income jumped by 16 percent to Php4.60 billion last year from Php3.98 billion in 2013.
The company told the local bourse that its consolidated revenues also surged 22 percent to a record Php16.90 billion.
The company attributed the strong revenues to the continued growth in its residential business as well as the strong expansion of its office leasing operations.
FLI recorded Php13.20 billion in revenues from its residential projects, 26 percent more than the Php10.48 billion posted in 2013.
The firm launched Php12.5 billion worth of residential projects in 2014.
Revenues from rental assets also rose to Php2.26 billion, up 11 percent from the Php2.03 billion generated in 2013, as the firm booked increased revenues from its new office buildings “Filinvest One” and “Plaz@ E” at Northgate Cyberzone located in Filinvest City in Alabang.
Filinvest Land currently operates 14 buildings and is completing construction of three more office buildings, “Filinvest Two” and “Filinvest Three” at Northgate Cyberzone and Filinvest Cebu Cyberzone Tower 1, which will increase its office portfolio to 274,971 sq. m. (PNA)