Filinvest Land allots P16 B for projects

Filinvest Land Inc., the listed property arm of the Gotianun family, is planning to spend P16 billion this year, with P7.3 billion earmarked for investment properties.

This is lower than the P20 billion FLI spent in 2019 across its various businesses.

To adjust to the new normal, FLI is implementing a two-pronged growth strategy to adjust to the new normal brought about by the coronavirus disease 2019 or COVID-19 pandemic.

In her report during the company’s annual shareholders meeting, FLI president and chief executive officer Josephine Gotianun Yap said FLI would continue to expand its investment property portfolio with a more diversified mix and pursue residential expansion in new territories.

The company is targeting a gross leasable area of 2.1 million square meters in five years or by 2024.

Yap said COVID-19 related construction delays could still be recovered within the next two years should the market absorption remain strong.

Other projects lined up this year include the dormitel, office buildings, retail strip mall and residential condominiums.

It also aims to be a major player in the office business in Clark, Pampanga.

The company is also seeing demand for big land parcels and ready built factories to address the needs of the growing logistics and e-commerce industry.

“Apart from leases, FLI is looking at constructing high-specification structures for lease to customers,” Yap said.

For the residential expansion, FLI will do affordable and midmarket oriented projects including low to mid-rise developments to manage construction and market risks.

Yap said close to half of the company’s revenues will come from rental or investment properties.

FLI has reopened its malls on a limited capacity since the transition to general community quarantine with continued strict enforcement of the guidelines.