Filinvest Land to focus on middle-income housing
FILINVEST Land, Inc. announced on Monday that it will be focusing on its affordable and middle-income housing segment this year.
“We are ready to roll out more new projects in 2022 as we have already prepared complete plans and geared up our product delivery capacity to support further launches in the years ahead,” Filinvest Land Chief Strategy Officer and newly appointed President Tristaneil D. Las Marias said in a disclosure on Monday.
“The pandemic years gave us plenty of time to prepare, get our rollouts ready, and allow us to be first out of the gate for moments like now when the economy shows signs of rebound and restoration,” he added.
The real estate developer said it is also working on ensuring that its developments are sustainably designed.
“Filinvest Land projects are designed to be energy efficient, tap renewable energy sources, use sustainable building materials, and reduce construction waste. Mid-rise buildings, housing, and subdivision projects are low-density developments with broader and bigger open spaces,” the company said.
The company said that its residential developments now have detention ponds, rainwater collectors, sewage treatment plants (STP), and water recycling systems to provide an additional water source for irrigation and landscape maintenance.
The publicly listed property arm of Filinvest Development Corp. also declared a cash dividend for common shares amounting to P0.047 per share, representing a 30% payout which will be paid on June 2, 2022 for stockholders on record as of May 11, 2022.
Filinvest Development’s two other subsidiaries, EastWest Banking Corp. and real estate investment trust, Filinvest REIT Corp. (FILRT) also announced dividend declarations.
FILRT approved the dividend declaration to all stockholders amounting to P0.116 per share, its second quarterly cash dividend for the year and its fourth since its initial public offering (IPO) last year.
The amount is equivalent to an annualized yield of 6.6% or a quarterly yield of 1.65%, which is in line with the annualized dividend yield forecast for 2022 in its REIT plan based on its IPO price of P7.00 per share. The cash dividends will be payable on May 27, 2022 to stockholders on record as of May 6, 2022.
“Including FILRT assets, Filinvest Land and its subsidiaries have 780,000 square meters of office and mall gross leasable area (GLA). Our investment properties also include warehouse and land lease spaces for the logistic and e-commerce players and co-living accommodations. We target to reach 2.1 million square meters of GLA by 2026. Our vast inventory of investment properties are potential infusions to grow FILRT, which will provide opportunities for Filinvest Land to further recycle its capital,” Filinvest Land Chief Executive Officer Josephine Gotianun Yap said.
Meanwhile, East West Bank approved and ratified the declaration of cash dividends of P0.40 per share. The dividends, equivalent to a payout ratio of 20%, are payable on May 31, 2022 to all stockholders as of record date May 11, 2022.
“The dividend declarations are testaments of the Filinvest group’s commitment to our valued shareholders who have been with us in our journey. We are grateful for their continued support, trust and confidence. This also affirms our steadfast desire to grow and create value despite the obstacles faced during the extended pandemic period,” Ms. Gotianun-Yap said.
“With the improving business environment that we are seeing brought about by better mobility and relaxed quarantine measures, we are hopeful that 2022 will be the start of our country’s recovery as well as our businesses’ long-term growth,” she added.
Filinvest Land has built over 200 residential developments across the country, with large townships in Rizal, Cebu, and other major cities.
In 2021, the company reported a 2% increase in net income attributable to equity holders to P3.8 billion, driven by high reservation sales and continued construction progress.
Its residential business also grew 15% to P11.27 billion last year.
“We believe that this signals the recovery of the residential business as buyers are more confident of a better economy and business environment. We are optimistic that the trajectory of growth for the residential business will continue beyond 2022,” said Ms. Gotianun Yap.
At the stock exchange on Monday, Filinvest Land shares were up by P0.02 or 1.9% to P1.07 apiece. —