Filinvest Land Inc. (FLI) disclosed plans to convert its 22-hectare business park venture in Cavite into a housing development after it secured a cancellation of registration from the Board of Investments (BOI) for its Asenso Village project.
Asenso Village is a business park designed for micro, small and medium enterprises (MSME). Weak reception for the project, however, prompted the company to request BOI to void its registration. From the 581 lots that were offered for sale, only 18 buyers showed interest to locate in the business park since it was launched in 2007.
In a statement, FLI said it received BOI’s cancellation of Certificate of Registration No. 2007-035 for the Asenso Village project on August 3.
The BOI cancellation came after FLI decided to amend the land use for the project from an MSME business park to a mix of socialized housing and affordable housing project.
As of end-June, the firm has over 129 projects in 43 cities across the country, with a land bank of 2,347 hectares.
The company’s net income went up to P2 billion in the first six months of the year from P1.74 billion a year ago. Revenues likewise rose 24 percent to P7.8 billion in the first half from the same period last year.
FLI said the strong real estate demand, backed by low interest rate on home financing and huge housing backlog, together with the growing business process outsourcing industry and rising disposable incomes will support and boost the company’s expansion plans.