Rent revenue boosted FLI’s 2017 incomeDate: March 22, 2018
GOTIANUN-led property developer Filinvest Land Inc. (FLI) said on Wednesday its net income hit P5.83 billion last year, 9 percent higher than the previous year’s P5.35 billion.
Revenues reached a record P20.27 billion, up from last year’s P19.5 billion, mainly as a result of a major expansion of its rental property portfolio and the continued strong demand for its retail and office spaces.
Rental revenues grew 30 percent to P4.42 billion, from P3.38 billion in the previous year, as the firm booked increased revenues from its new office and retail buildings that included Vector Three in Alabang, adding 36,000 square meters (sq m) of gross leasable area (GLA) to the office portfolio.
FLI now operates 22 office buildings totaling 348,000 sq m of GLA. Around two more buildings are near complete and are due for turnover. These are Cebu Cyberzone Tower 2 in Lahug, Cebu City, and Cyberzone Mimosa Building 1 in Clark which will add 36,000 sq m of office GLA.
The company has nine other buildings under construction, including Axis 1 and Axis 2 in Northgate Cyberzone, Cyberzone Bay City A and D in Pasay, Cyberzone Mimosa Building 2 in Clark, One Filinvest in Ortigas, Activa and Studio 7 in Quezon City, and 100 West in Makati, with a total of 263,000 sq m of additional GLA.
FLI is also growing its retail rental space portfolio. The Main Square Community Mall in Bacoor, Cavite and the Fora Mall in Tagaytay were opened last year adding 50,000 sq m of GLA to FLI’s retail portfolio.
Total retail GLA now stands at 239,000 sq m.
“We are looking forward to the company’s accelerated growth in 2018, as our new office buildings and shopping malls become operational and generate incremental rental revenues. We also expect residential revenues to remain stable,” FLI President and CEO Josephine Gotianun Yap said.
On the residential side, more than 70 percent of FLI’s product offerings are house-and-lots and mid-rise buildings located nationwide. It has already launched residential projects in Metro Manila, Rizal, Cavite, Dumaguete, Davao and Iloilo this year.
It launched P14.6 billion worth of residential projects in 2017, surpassing launches in 2016 of P11.9 billion.
The company said it will launch P16 billion worth of residential projects in 2018.
Source: Business Mirror