Listed Filinvest Land Inc.(FLI) is set to allot another P5 billion for the expansion of its projects in Mindanao in the next three years, the company said on Tuesday.
In a statement FLI said the P5 billion will be used for the expansion
“This is on top of the P4.7 billion-worth of ongoing land development including the One Oasis project in Cagayan de Oro, thus granting Filinvest a 17 project-strong foothold spread over 7 towns and cities.
FLI Senior Vice President and Cluster Head for Visayas and Mindanao Tristan Las Marias, said the expansion of its projects is driven by the government’s focus on the Mindanao region.
“With the government’s renewed focus towards Mindanao, we expect the demand for affordable housing to grow as new industries and investments arrive in Southern Mindanao (Region XI) and SOCCSKSARGEN (Region XII) areas. We would like FLI to be at the forefront to address this growing demand for affordable housing especially in Davao City and Koronadal City,” said
The additional P5 billion will be used to fund the expansion of the firm’s Futura Homes economic housing and its Spatial Medium-Rise Building (MRB) portfolio as it will develop new projects in South Cotabato and Davao City.
FLI said it will develop its economic housing projects in a 7.5 hectare lot in Koronadal City, South Cotabato and a 17-hectare site in Catalunan Grande, Davao City, both of which it recently acquired.
The economic housing projects will cater to the market segment that can afford units worth P1.5 million and below, according to FLI
“Both are targeted to launch within the 4th quarter of this year,” Filinvest said.
Meanwhile, FLI noted that it has allocated a huge part of the additional budget for the development of two new MRB condo communities in Davao City, particularly one on a 2-hectare site in Matina area and another 1.7-hectare site near Davao City Hall.
Among the MRB condo communities is Centro Spatial, a mid-rise condominium enclave which will feature five buidings that are eight-storey high. It is set to rise on a 1.7-hectare lot in the center of Davao City, near the city hall.
“Spatial communities provide a secure and very accessible home in an environment where over 65% is provided for open space and amenities and is perfect for the budget conscious start-up families,” FLI said.
In addition, FLi will also develop another MRB project a 2-hectare site in Matina, Davao City.
The new developments will bring FLI’s Mindanao residential portfolio to 24 residential buildings.
“We are excited with the very strong demand for affordable condominium units in Davao City. As Davao City emerges as the new political capital of the country, we expect the influx of investments to continuously pour into Davao, particularly from our Overseas Filipino Workers looking for prime real estate investments, and contribute to the growing demand for affordable condos in Davao. We also believe that the City has the right fundamentals to attract and sustain business investments in spite of recent events,” Las Marias said.
FLI is a subsidiary of the Gotianun-led Filinvest Development Corporation (FDC).