Filinvest Land boosts sales by 22% to P2.12B in first half

Filinvest Land Inc., the property unit of the Gotianun holding firm Filinvest Development Corp., said sales in the first six months this year amounted to P2.12 billion, up 22 percent from only P1.74 billion the previous level.

In a disclosure to the Philippine Stock Exchange, FLI pointed out it is on track to meeting its 20 percent sales growth for 2006 given the strong performance of its housing and industrial estates businesses in the first half this year.

Based on preliminary data, sales of low-cost houses grew 55 percent to P694.8 million from P449.1 million.

High-end residential sales reached P120.7 million or 64 percent higher than the year ago figure of P73.6 million.

The middle-income housing segment, which accounts for the bulk of the company’s revenues, fell slightly to P1.04 billion from P1.07 billion.

But sales from its industrial estate business rose to P51.21 million from P10.64 million, largely due to the successful launch of the Asenso Village project.

Asenso Village is designed as a business park devoted to the development of start-up and expanding small and medium enterprises (SMEs).

FLI has lined up 12 new projects this year, mostly located in Metro Manila. Around P1.4 billion has been earmarked for capital expenditures this year, which will come from internally-generated funds.

Of the 12 projects to be launched this year, three are to be affordable housing projects valued at between P1 million and P1.5 million. Two will rise in Sto. Tomas, Batangas while one will be located in Calamba, Laguna.