Filinvest allots P17.5B for projects-A A +A
Tuesday, May 13, 2014
FILINVEST Land Inc. (FLI) has programmed P17.5 billion to finance 22 projects in key strategic areas nationwide.
President and CEO Josephine Gotianun Yap announced during the annual stockholders’ meeting Friday that most of these projects will be in the affordable and mid-income housing segments.
“FLI has expanded our affordable brand, not just in the greater Metro Manila area but as well as other areas of Luzon, Visayas and Mindanao,” she said.
FLI has set the groundwork of its projects in Iloilo for its mid-rise brand, One Spatial, which is set to launch in the third quarter of this year.
It is one of the 22 projects on the pipeline for the Visayas, aside from existing ones in Cebu City that includes mixed-used properties at the South Road Properties (SRP), Kasambagan-Mabolo and the Corona del Mar development in Talisay City.
The strategy has given the company’s revenues a boost, having grown at a compounded annual rate of 25 percent in the last five years, Gotianun Yap said.
The increase in profits led to the 16 percent jump in total revenues from its residential, office and commercial business units to P13.6 billion in 2013, she added.
In 2013, FLI reported a 14 percent year-on-year net income growth of P4 billion compared to the P3.5 billion posted the previous year.
Filinvest rental income contributed to the growth by increasing revenues by eight percent to P2.03 billion from Php1.89 billion generated in 2012. Together, these contributed to the 16percent growth in total revenues to P13.82 billion from P11.92 billion.
The increase in real estate revenues was driven by sustained sales take-up to the core middle-income and affordable segments and project completions in the high-rise building (HRB) and mid-rise building (MRB) category.
In Cebu, the MRB projects under the Oasis brand include One Oasis in Kasambagan-Mabolo and the Amalfi Oasis and San Remo Oasis at the SRP.
The Il Corso mall at the SRP has also begun construction. It is part of the whole Città del Mare (City by the Sea) complex. (PR)
Published in the Sun.Star Cebu newspaper on May 14, 2014.