Property developer Filinvest Land Inc. said Thursday its 2024 consolidated net income attributable to the parent company reached P4.17 billion, up 11 percent from 2023, driven by higher residential and rental revenues.
Consolidated revenues and other income rose 8 percent to P24.45 billion, fueled by a 6-percent growth in booked residential real estate sales and a 9-percent increase in rental revenues, the company said in a disclosure to the stock exchange.
Filinvest Land president and chief executive Tristan Las Marias said the group’s residential business remained stable, while the leasing business had gained momentum, with steady growth in both office and retail properties.
“We are optimistic about sustaining this growth trajectory for our rental business this year,” Las Marias said.
Filinvest Land’s residential real estate revenues increased 6 percent to P15.39 billion, on higher project completion and a growing number of accounts being recognized as revenue.
The middle-income segment remained the top contributor, accounting for 74 percent of total residential sales revenues.
Reservation sales were steady at P19.4 billion, supported by strong performance from the Visayas region, which posted a significant growth of 75 percent.
Filinvest Land launched 19 new residential projects in 2024 with a total sales value of P27 billion.
Retail leasing revenues rose 15 percent to P2.54 billion due to higher occupancy rates and improved net effective rents following the rationalization of discounts and concessions.
Last year, the property firm opened Filinvest Malls Dumaguete, located within the Marina Town complex.
Office leasing revenues reached P4.81 billion, up 3 percent year-on-year, led by increases in net effective rent and occupied gross leasable area.
Filinvest Land offices continue to attract tenants across diverse sectors, including IT-BPO companies, traditional corporations, government agencies, educational institutions and medical service providers.
Among the new tenants is the Department of Trade and Industry, which signed a lease agreement covering the entire Filinvest Buendia Building in Makati.
The lease spans 10,668.40 square meters of premium office space across 14 floors, consolidating several DTI units—including the Office of the Secretary and the Consumer Protection Group—under one roof in the Grade-A facility.