Filinvest Land sees P8.6-billion revenues from new projects

MANILA, Philippines - Gotianun-led Filinvest Land Inc. (FLI) expects to generate P8.6 billion in revenues from the launch of 13 new projects and 23 additional phases across all its market segments.

These include four new socialized housing projects in Cavite, Batangas and Bulacan as well as two new affordable housing projects, also in Batangas and Cavite.

Last year, FLI introduced seven new projects and expanded 23 existing projects valued at P6.4 billion. These bring to 77 the total ongoing projects of the company nationwide, further strengthening its position as one of the country’s leading residential developers.

FLI is targeting to break ground in 2010 on Citta de Mare, its flagship development within the South Road Properties (SRP) in Cebu City. Land development will commence soon on part of the 10.6 hectares earmarked for a mixed-use development, as well as on the first of the residential buildings within the 40 hectares allocated for residential use.

As of end-December 2009, FLI had a sizable land bank of 2,433 hectares which will enable the company to continue to launch new projects to meet future market demand.

FLI reported a net income of P2.018 billion last year, eight percent higher than the P1.867 billion recorded in 2008. Total revenues, excluding equity in net earnings, rose eight percent to P5.64 billion on the back of a five percent growth in real estate sales.

Real estate sales amounted to P3.67 billion compared with only P3.51 billion a year earlier while rental income, generated from Festival Supermall, PBCom Tower and Northgate Cyberzone in Alabang, contributed P1.19 billion to total revenues, representing a five percent  growth over P1.135 billion in 2008.

Despite the downturn in the economy, and the effects of September’s typhoon Ondoy, FLI was one of the few developers that was able to sustain growth in its sales. Total residential sales reservations generated last year reached P7 billion or an improvement of six percent from the year ago level.

Demand for FLI’s core business of residential mass housing, composed of socialized, affordable and middle-income markets, remained steady, and contributed over 90 percent of total sales.

Buyers’ interest in FLI’s newest product line, the medium-rise buildings (MRBs), remained strong. From the initial offering of One Oasis Ortigas in Pasig City, the Oasis series has now expanded to include Bali Oasis Marcos Highway, One Oasis in Davao and Cebu, Maui Oasis Sta. Mesa in Manila, Sorrento Oasis Pasig and Capri Oasis Pasig. MRB projects are inner city projects with five-storey buildings clustered around the project’s central amenity area. MRBs are attractive because they offer a much better living environment due to its low density development, compared to a high-rise condominium building.

As of end-December last year, FLI had total assets of P58.91 billion, up 11 percent from the previous level while stockholders’ equity was at P39.18 billion.