Filinvest Land, Inc. (FLI), the publicly-listed property arm of Gotianun-led Filinvest Development Corporation (FDC), registered a 24% increase in net income to Php1.84 billion from Php1.49 billion in the first quarter of 2018. FLI reported a 15% rise in gross revenues to Php 7.20 billion, driven by a 42% increase in rental revenue, which reached Php 1.72 billion, and a 10% increase in real estate sales revenue, which amounted to Php 5.11 billion.
“We are pleased with the first quarter results as we continue to experience growth in our recurring income business. Last year, we completed the construction of six office buildings, with a gross leasable area (GLA) of 118,000 square meters which has contributed to our improved financial results. We have also achieved growth in real estate sales revenues as we continue to focus on the affordable and middle income markets with our Futura and Aspire home brands, respectively,” FLI President and CEO Josephine Gotianun Yap said.
FLI has substantially completed another office building, Axis Two, in Northgate Cyberzone, adding 39,000 square meters of GLA to its office portfolio and bringing FLI’s total office GLA to 510,000 square meters. FLI’s office developments are geographically dispersed with three main hubs: Northgate Cyberzone in Filinvest City, Muntinlupa, Filinvest Mimosa+ Leisure City in Clark, and Cebu City. FLI’s other offices in Metro Manila are found along major MRT corridors. FLI targets to reach 1.6 million square meters of GLA in office and retail rental properties by 2023.
FLI also plans to expand to logistics and industrial parks as part of its recurring income portfolio to address the growing needs of logistics, light manufacturing, technology, and e-commerce companies looking to support inventory management. FLI recently broke ground for its 288-hectare development in New Clark City, a joint venture with the Bases Conversion and Development Authority. This year, FLI expects to commence construction of Phase 1 of Filinvest at New Clark City, a 64-hectare innovation and logistics park which is envisaged to serve as the economic base of the New Clark City development. Completion of Phase 1 of Filinvest at New Clark City is targeted for the first quarter of 2020.
About Filinvest Land, Inc.
Filinvest Land, Inc. (FLI) is the developer of large scale townships across the Philippines which include: Havila (306 hectares), Timberland Heights (677 hectares) and Manna East (60 hectares) in Rizal, Ciudad de Calamba (350 hectares), City di Mare in Cebu (50 hectares) and Palm Estates in Talisay City (51 hectares). FLI owns 20% of Filinvest Alabang, developer of Filinvest City (244 hectares), a central business district in southern Metro Manila. FLI is also developing two townships in the Clark Special Economic Zone: its industrial and logistics park and mixed-use development at New Clark City (288 hectares) and Filinvest Mimosa+ Leisure City (201 hectares) in partnership with FDC; FLI handles the residential, office and mall projects while FDC handles the leisure and hospitality projects through its hotel arm. As of March 31, 2019, FLI has built more than 200 residential developments across the country