Filinvest Land to roll out P14 B new projects
Filinvest Land Inc. (FLI), the property development unit of the Gotianun family, is targeting to roll out P14 billion worth of new projects for the rest of the year.
The company reported a seven percent growth in revenue and other income for the first half of the year to P9.1 billion.
“We are happy to see our sales volume increase to pre-pandemic performance and happier to see sales growth recorded in almost all the provinces where we operate. We have invested to build bigger distribution channels both locally and abroad to reach more customers and support our expansion activities, and it is paying dividends for us,” said Filinvest Land president Tristan Las Marias.
The strong performance of FLI’s residential and retail businesses boosted revenues.
FLI’s residential revenues grew by 10 percent to P5.8 billion while retail rental revenues grew by 53 percent compared to the same period last year.
Combined, the two segments contributed 72 percent to FLI’s consolidated revenue performance for the first semester.
Office leasing and sale of industrial projects contributed the remaining 28 percent of FLI’s consolidated revenues and other income.
The growth in residential revenues were due to accelerated construction progress and strong performance of its housing projects in Cavite, Laguna, and Rizal and medium-rise condo projects in Metro Manila and Davao.
The growth in rental revenues, meanwhile, was due to improvement in its malls occupancy and the gradual removal of rental concessions.
Filinvest Land launched new condominium projects in Dagupan City, Zamboanga City, and new condo buildings in existing condo communities in Davao City, Cagayan de Oro, Cebu City, and Metro Manila. It also opened expansion phases in its housing and subdivision projects in Pampanga, Rizal and Cavite.
“Our economy is vibrant once again and our OFW remittance has never been stronger. We are seeing strong recovery from all our business segments, and we aim to take advantage of our extensive geographic presence to catch unserved and emerging property demands as businesses further open in the country,” Las Marias said.