Filinvest Land Inc., one of the largest integrated real estate developers owned by the Gotianun family, said Wednesday net income in 2017 climbed nine percent to P5.83 billion from a year ago, boosted by the strong rental of retail and office development projects.
FLI said in a disclosure to the stock exchange consolidated revenue reached P20.27 billion with rental sales growing 30 percent to P4.42 billion from P3.38 billion a year ago.
“We are looking forward to the company’s accelerated growth in 2018 as our new office buildings and shopping malls become operational and generate incremental rental revenues. We also expect residential revenues to remain stable,” FLI president and chief executive Josephine Gotianun Yap said.
FLI operates 22 office buildings totaling 348,000 square meters of gross leasable area.
Two more buildings have been substantially completed and are due for turnover—Cebu Cyberzone Tower Two in Lahug, Cebu City, and Cyberzone Mimosa Building 1 in Clark. The two will add 36,000 square meters of leasable office area.
FLI has nine other buildings under construction, namely Axis One and Axis Two in Northgate Cyberzone, Cyberzone Bay City A and D in Pasay City, Cyberzone Mimosa Building 2 in Clark, One Filinvest in Ortigas, Activa and Studio 7 in Quezon City, and 100 West in Makati, with a total of 263,000 square meters of additional GLA.
The property company 50,000 sq. m. of retail space in 2017 with the opening of two malls in Bacoor, Cavite and Tagaytay. The group’s total retail GLA now stands at 239,000 square meters.
FLI is expected to add another 41,000 sq. m. of retail space in 2018 with the opening of two malls in Cebu and Dumaguete.
FLI earlier planned to hit its target of one million square meters of office and retail leasable space by 2019.
FLI`, meanwhile, plans to launch P16 billion worth of residential projects in 2018, higher than P14.6 billion unveiled in 2017.