PROPERTY giant Filinvest Land Inc. (FLI) announced on Wednesday a 12-percent rise in net gains for the first nine months of 2015 on the back of strong demand for outsourcing business office space and higher sales of residential units.
As such, FLI Chief Executive Officer and President Josephine Gotianun-Yap said the company is on-track with its plans of tripling its gross leasable area of rental assets by 2019.
FLI is a publicly listed company owned mainly by the family of Chinese-Filipino tycoon Andrew Gotianun, who also owns East West Bank and is into the sugar and biofuels businesses.
In a disclosure to the Philippine Stock Exchange, FLI said its first three quarters’ net consolidated gains rose to P3.24 billion from P2.89 billion in the same period last year.
Consolidated revenues were 8-percent higher at P12.71 billion, from P11.82 billion recorded last year.
FLI registered real estate sales of P9.75 billion, seven percent more than the P9.16 billion posted last year.
Revenues from rental assets rose by eight percent to P1.79 billion, from the P1.65 billion generated last year, as the firm booked more revenues from its office Plaz@ E building at Northgate Cyberzone in the firm’s Filinvest City township in Alabang.
The company plans to increase its office rental portfolio by adding 275,000 square meters by the end of 2015, as it completes new office developments.
Cyberzone Cebu Tower 1, with a gross leasable area (GLA) of 20,000 square meters, is in the final completion stage and will start generating revenues by the fourth quarter of 2015,” the company disclosed. “Two additional buildings with a combined GLA of 48,000 square meters at the Northgate Cyberzone are slated to start operations in the next few months and are already being pre-leased.”
Currently, FLI operates 14 buildings in Northgate Cyberzone and one building on EDSA in Mandaluyong. All these are fully occupied.
To ensure growth in residential sales, FLI said it would continue to launch projects that address the needs of its core market, which are the first-time homebuyers and ultimate end-users.
Among these projects are: “Enclave Alabang”, a 10.5-hectare premier housing development in Daang Hari; “Futura Homes Mactan,” a 4.3-hectare affordable housing development in Suba-basbas, Lapu-lapu City in Cebu; and “Studio 7,” a mixed-use development on EDSA near the GMA-Kamuning MRT station in Quezon City.
“Studio 7” will have a residential tower with studio and one-bedroom units, an office tower, and will be complemented by retail establishments.
FLI has also launched “Fora Residences”, a 330-unit condominium, which will be part of “Fora”, a mixed-use development at the main rotunda of Tagaytay.
FLI is also growing its retail rental space portfolio, with two projects in the pipeline. One is the “Fora Mall,” which will have 32,000 square meters of mall space in “Fora,” adjacent to Fora Residences. Another is the 36,000-square-meter “Il Corso Mall,” a seaside lifestyle mall in City di Mare, a township development at the South Road Properties in Cebu.
Yap said the company expects to sustain its growth, as it executes its plans for its residential sales and recurring income businesses.
“We will continue to provide a wide range of housing products that range from house and lots, mid-rise building units and select high-rise building units to cater to the different needs of homebuyers in different locations across the country,” the lady CEO said.