By Leslie D. Venzon
MANILA, Aug. 20 (PNA) — Property developer Filinvest Land, Inc. (FLI) has raised Php8 billion from the bond issue to partially fund new projects that can triple its retail and office space portfolio in the next five years.
FLI President and Chief Executive Officer Josephine Gotianun-Yap said the company had budgeted Php24 billion in capital expenditures for projects in the real estate as well as in the recurring business this year.
FLI listed successfully its seven- and 10-year peso fixed-rate bonds in the Philippine Dealing and Exchange Corp. on Thursday. The bonds attained the highest PRS Aaa rating from the Philippine Rating Services Corp. (PhilRatings).
The Gotianun-owned property arm FLI’s fixed-rate bonds due 2022 and 2025 had an oversubscription of almost thrice the base amount of Php5 billion, enabling the company to exercise the Php3 billion oversubscription option approved by the Securities and Exchange Commission.
“With this bond issuance, FLI is now in full-gear for office and retail space expansion. We are tripling our office and retail rental portfolio to hit close to one million square meters of gross leasable area in the next five years. We tap the long-term bond market to match our funding sources with our project horizons,” said Gotianun-Yap.
FLI launched Php6 billion worth of projects in the first half of 2015 while it targets a total of Php16 billion for the entire 2015.
It has developed over 2,400 hectares of land and more than 600,000 square meters of prime office, residential and retail spaces.
“With the country’s real estate sector experiencing a continued robust growth, in line with the Philippine economy, FLI is in the best position and time to address the needs of a flourishing economy,” Gotianun-Yap said. (PNA)