Filinvest Land Inc., the real estate unit of the Gotianun Group, said net income in the first nine months of the year rose 12 percent to P3.24 billion from P2.89 billion year-on-year on higher residential sales and rental income.
Filinvest Land said in a disclosure to the stock exchange consolidated revenues increased eight percent to P12.71 billion from P11.82 billion on-year, as real estate sales climbed seven percent to P9.75 billion, while revenues from rental assets rose eight percent to P1.8 billion
“We expect FLI’s growth to be sustained as we execute our plans for the residential sales business as well as the recurring income business. We will continue to provide a wide range of housing products that range from house and lots, mid-rise building units and select high rise building units to cater to the different needs of home buyers in different locations across the country,” FLI president and chief executive Josephine Gotianun-Yap said.
“We are also on track with our plans to triple the GLA of our rental assets by the end of 2019,” she added.
Filinvest Land operates 14 buildings in Northgate Cyberzone and one on EDSA in Mandaluyong, all fully occupied.
Cyberzone Cebu Tower 1 with a gross leasable area of 20,000 square meters is in the final completion stage and will start generating revenues by the fourth quarter of 2015.
Two additional buildings with a combined area of 48,000 square meters at the Northgate Cyberzone are slated to start operations in the next few months and are already being pre-leased.
Filinvest Land’s office rental portfolio will increase to 275,000 square meters by the end of this year.
For its residential business,Filinvest Land said it would continue to launch projects addressing the needs of its core market, which are the first time home buyers and ultimate end-users.
Among the projects in the pipeline are a 10.5-hectare premier housing development in Daang Hari; a 4.3-hectare affordable housing development in Suba-basbas, Lapu-lapu City in Cebu; and a mixed-used development along on EDSA near the GMA-Kamuning MRT station in Quezon City called Studio 7
Filinvest Land is also expanding its retail rental space portfolio.
Among the planned retail developments are the Fora Mall, which will have 32,000 square meters of mall space in Tagaytay City, and the 36,000 square meter Il Corso Mall, a seaside lifestyle mall in City di Mare, a township development at the South Road Properties in Cebu.