Property developer Filinvest Land Inc. (FLI) said Friday it raised P11.43 billion in fresh capital from the issuance of fixed-rate bonds.
FLI president Tristaneil Las Marias said during the listing ceremony in the Philippine Dealing & Exchange Corp. the company would use the net proceeds from the 3.5-year peso fixed-rate retail bonds to finance its capital expenditure program and repay existing due debts.
He said FLI would continue with its expansion plans in the affordable and middle-income residential projects and new projects in the industrial and retail segments to sustain its growth momentum.
“Our capex [capital expenditure] program includes launching new and exciting residential and retail developments, expanding into areas with a strong foothold, and venturing into new and emerging markets offering significant business opportunities,” Las Marinas said.
He said the company was on track with its full-year revenue and net income forecasts as its strategy to speed up the monetization of developed inventories and improve cash collections proved successful
“With the growth in our sales and revenues and the introduction of new residential inventories, we aim to sustain our growth trajectory and expedite our healthy return to pre-pandemic levels,” Las Marinas said.
Las Marinas expects FLI to complete several housing projects in Antipolo City, Taytay, Angono, Calamba City, Tanauan City, Trece Martires City, Bacoor City, Dumaguete City and Samal Island by end-2023.
It is also accelerating the development of its townships in East Town in Cainta, Rizal; Timberland Heights in San Mateo, Rizal; Ciudad de Calamba in Calamba City, Laguna; The Wood Estates in Trece Martires City, Cavite; and Palm Estates in Bacolod City, Negros Occidental.
These FLI townships will include residential, commercial, transportation and school components to create a self-sufficient environment.
FLI is also constructing Marina Town in Dumaguete City and new malls in Filinvest Mimosa+ Leisure City and Activa Cubao. These will expand FLI’s retail portfolio by about 55,000 square meters (sq. m.) in gross leasable area (GLA), bringing FLI’s nationwide retail GLA to about 300,000 sq. m.
