Filinvest Land Inc (FLI), the Philippine-listed property arm of Gotianun-led Filinvest Development Corporation (FDC), bared its business continuity plans for the remainder of the year in the light of the current COVID-19 crisis.
“Close to half of our revenues come from our rental or investment properties. We will continue to grow this segment. Based on an international appraisal company, our existing investment portfolio and those under construction are valued at Php190 Billion.” said FLI President and CEO Josephine Gotianun Yap.
The company prepared a re-entry program post-Enhanced Community Quarantine (ECQ) that addresses three major issues in the areas of finance, customer care and workplace safety.
On the financial side, FLI has reassessed and revisited project launches and capital expenditure programs and pushed back launches supposedly for the second half to early 2021.
The company will closely observe sales demand and can easily accelerate projects should a V shape recovery occur since the project plans and permits will be ready and in place.
For 2020, the company is planning to spend approximately Php 16 Billion for capital expenditures, with Php7.3 Billion earmarked for investment properties, the balance for its residential trading business. In 2019, FLI spent Php 20 Billion across its various businesses.
The company has also adjusted to new customer communications and expectations. It has instituted new sanitary and social distancing guidelines in all properties.
The office buildings which continued to operate during ECQ have continuously adopted the guidelines with thermal scanning, foot baths, sanitizer stations, digital registration, and the company’s District Cooling System team has also been studying the use of UV Light filtration for its air handling systems.
FLI malls have reopened on a limited capacity since the transition to general community quarantine with continued strict enforcement of the guidelines.
For residential sales generation, Filinvest Land has been optimizing its existing seller and buyers online kiosks. The use of digital platforms and virtual home tours for selling, and drone assisted site inspections are now standard.
The residential property management team has provided new services as
well, such as organizing small markets or group deliveries to save our homeowners from long lines at the groceries.
On workplace safety, FLI has reduced office density by increasing work from home arrangements coupled with dual shifting schedules. This is complemented by a sanitation, social distancing, and Covid-testing protocol which clearly defines the rules governing the new normal.
Source: Business News Asia