Filinvest Land Inc., the property unit of the Gotianun Group, has set a medium term target of 1.5 million square meters in leasing portfolio that contribute 50 percent of the company’s net income by 2022.
FLI said in an annual report it would aggressively roll out new offices and shopping malls across its integrated mixed-use developments in Alabang, Quezon City, Makati, Bay Area, Ortigas, Cebu and Clark, Pampanga.
“Our medium-term target for 2022 is a build-up of 1.5 million square meters of gross leasable area,” FLI president and chief executive Josephine Gotianun-Yap said.
The property developer earlier aimed to build 1 million leasing space by the end of 2019.
FLI had 587,000 square meters in GLA at the end of 2017, contributing 30 percent of the company’s net income.
Gotianun-Yap said the company’s recurring income portfolio by the end of 2018 would already be close to 800,000 square meters of GLA with the addition of 210,000 square meters of office and retail space.
FLI plans to strengthen its position as the leading office developer in the southern part of Metro Manila with Northgate Cyberzone and build a significant presence in Visayas, specifically Cebu which is the largest city in Visayas and the second biggest in the Philippines.
It plans to be the pioneer office developer in the Clark Special Economic Zone and develop an office component in planned mixed-use buildings strategically located near transportation hubs in the Pasay Bay Area, Makati and Quezon City
On retail development, FLI said it would focus on entertainment and lifestyle-oriented malls with distinct themes and locations that complement its city and township developments.
For the residential business, FLI is poised to launch P16 billion worth of housing projects this year, up from P14.6 billion unveiled in 2017.