FLI was incorporated on November 24, 1989 as Citation Homes, Inc. and changed its name to FLI on July 12, 1993. It began commercial operations in August 1993 after FDC spun off its
real estate operations and transferred all related assets and liabilities to FLI in exchange for shares in FLI. FLI was listed on the Philippine Stock Exchange (PSE) on October 25, 1993. FDC remains FLI’s largest shareholder, beneficially owning approximately 51% of FLI’s outstanding common shares and all of its outstanding preferred shares.
Leader in Affordable Housing Segment
FLI’s business has historically focused on the development and sale of affordable and middle-market residential lots and housing units to lower and middle-income markets throughout the Philippines. It has developed over 2,100 hectares of land, and provided home sites for over 110,000 families, which makes it one of the largest home providers in the Philippines today. In recent years, FLI has expanded its residential business to include other income segments (high-end) and themed residential projects with a leisure component, such as farm estates and developments anchored by sports and resort clubs.
FLI has substantial experience in developing and introducing new formats to the residential real estate market. The Company intends to be at the forefront of market changes by continually innovating and introducing new project formats to anticipate and meet market demands. Recent innovations includes:
(a) Homes situated on small lots designed to be expanded vertically through the addition of a second storey without requiring the occupants to vacate the home while the second storey is being added.
(b) The “Entrepreneurial Village” or “Asenso Village” concept which is the result of a collaborative effort with the Government to allow entrepreneurs with small- and medium-size businesses to live and work in a residential development with access to Government agencies that assist small businesses.
FLI is also a pioneer in the development of very large master-planned township developments which provide a convenient mix of commercial, industrial and residential uses.
FLI currently has over 100 projects located in 39 cities and municipalities nationwide. The Company has an extensive network of sales offices, in-house sales agents and independent brokers located throughout the Philippines, as well as accredited brokers in countries and regions with large Overseas Filipino Workers (OFW) and expatriate Filipino populations (such as Japan, Italy, the United Kingdom and the Middle East). Approximately half of FLI’s real estate sales are directly or indirectly derived from Overseas Filipinos (OFs).
FLI has, over the years, accumulated an extensive, well-located, low-cost landbank. As of the end of 2010, FLI’s landbank stood at 2,369 hectares, bulk of which is located just outside Metro Manila in the nearby provinces of Rizal, Bulacan, Batangas, Cavite and Laguna, as well as in growth areas such as Cebu, Davao and General Santos City in South Cotabato province.
Investment Properties Provide Recurring Income Stream
In 2006, FLI acquired three strategic assets: (1) The Festival Supermall, in Filinvest City (FC) in Muntinlupa (southern Metro Manila), (2) A 60% stake in Filinvest Asia Corporation which owns half of PBCom Tower within the Makati Central Business District, and (3) A 60% stake in Cyberzone Properties, Inc., developer of office buildings in Northgate Cyberzone, a 10-hectare Business Process Outsourcing (BPO) office park with multinational tenants. Festival Supermall is the largest shopping center in Southern Metro Manila with a gross area of 200,000 square meters. It has over 600 retail stores and outlets, ten cinemas and two themed amusement centers. It also has exhibit, trade and music halls which are leased out to events like trade fairs. PBCom Tower is currently the tallest building in the Philippines with 52 floors. It is located at the corner of Ayala Avenue and Herrera Street in Makati City. Filinvest Asia Corporation owns 35,000 square meters of leasable office space in PBCom Tower, which is leased out to about 30 tenants which include multinational companies and BPO firms. Meanwhile, Northgate Cyberzone, the BPO campus within Filinvest City, currently has eleven (14) office buildings with a gross leasable area (GLA) of 113,000 square meters. One (1) building is under construction with another in the pipeline which will add 34,000 square meters of leasable space by 2012. This makes FLI the leader in developing offices with infrastructure to support IT-related and BPO businesses in the growing southern Metro Manila area.
20% Stake in Developer of Central Business District in Southern Metro Manila
FLI has a 20% stake in Filinvest Alabang, Inc. (FAI), the developer of the 244-hectare Filinvest City (FC). Since the start of its development in 1995, FCC has grown to become a major destination in southern Manila that services all segments of the population with a wide array of retail, office and residential developments. The corporate city is home to key anchors such as the Asian Hospital and a fast growing office base in the Northgate Cyberzone. The second busiest transport terminal in Metro Manila is in the immediate vicinity, making FCC a major gateway for commuters going into and out of Metro Manila from the south. The completion of the extension of the Skyway elevated road to Alabang will significantly enhance the value of FCC and further increase its attractiveness as the location of choice for offices and residential living in the South of Metro Manila.