PROPERTY developer Filinvest Land Inc. (FLI) said its income grew 7 percent during the nine months of the year to P4.6 billion, from last year’s P4.26 billion.
The property arm of the Gotianun family said gross revenues grew 20 percent to P17.32 billion for the period, from P14.37 billion last year.
This was driven by a 27-percent increase in rental revenues, which reached P5.13 billion, and an 18-percent rise in real-estate sales revenues, which amounted to P12.19 billion, it said.
“We remain positive on the company’s performance, moving forward, with our residential trading business expected to grow further while our office rental business continues to be propelled by the strong demand for office space. We look forward to the growth coming from both the traditional and BPO offices, co-working spaces, as well as the entry of new locators and the expansion of existing clients,” said FLI President and CEO Josephine Gotianun Yap.
Residential revenue growth of 18 percent was attributable to the high sales take-up levels in the past quarters, as well as the completion of high-rise and mid-rise residential buildings, the company said. This was brought about by strong demand for FLI’s range of Futura residential product offerings focused on affordable housing projects and mid-rise building communities.
Meanwhile, rental revenue growth of 27 percent was on the back of the completion of new office buildings that brought FLI’s total to 30 office buildings equivalent to 524,00 square meters of gross leasable area (GLA), with office buildings concentrated in its three major Peza hubs in Filinvest City, Alabang, Mimosa Plus in Clark Special Economic Zone and Cebu.
In Metro Manila, it has office developments along the MRT line from Quezon City to Bay City in Manila.
The company has set a 1.6 million GLA target in the next five years by 2024 for both its office and retail investment property portfolio.
Source: Business Mirror