Filinvest Land Inc., the listed property unit of Gotianun family, will launch P30 billion worth of residential projects this year as it remains bullish on the property market.
The project launches are almost double the P16 billion worth of residential projects it unveiled in 2018.
FLI in a disclosure to the stock exchange also reported a net income of P6 billion in 2018, up four percent from P5.83 billion in 2017 on double-digit growth in revenues.
Revenues rose 10 percent in 2018 to P22.2 billion, boosted by rental income that increased 27 percent to P5.61 billion.
FLI’s recurring income contributed to 46 percent of the net income in 2018.
“Our outlook on the property sector remains positive, with our 37 percent year-on-year growth in reservation sales in 2018. We continue to focus on the more stable end-user market in the residential sector,” said FLI president and chief executive Josephine Gotianun Yap.
“We allocate significant resources toward growing our recurring rental income business, which is on track to meet our target of contributing 50 percent of FLI’s net income. Our strategic CBD land bank in MM, Cebu, and Clark provide the platform for FLI’s strategic goal of doubling its leasable area by 2023,” she added.
FLI as of end 2018 operated 31 office and retail developments totaling 712,000 square meters of gross leasable area.
The company has a pipeline of 21 recurring income developments with 500,000 square meters of additional GLA currently under construction.
The new offices and shopping malls are located across its integrated mixed-use developments in Alabang, Quezon City, Makati, Bay Area, Ortigas, Cebu and Clark, Pampanga.
FLI said it was on track to attain its 1.6 million square meter-GLA target by 2023.
FLI is one of the country’s largest integrated real estate developers and BPO office providers. It has large-scale townships developments across the Philippines, including the 667-hectare Timberland Heights in San Mateo, Rizal, 350-hectare Ciudad de Calamba, the 50-hectare City di Mare in Cebu.
Share price of FLI on Monday fell nearly two percent to P1.48.