FLI sales up 48% to P8.9 billion

MANILA, Philippines - Filinvest Land Inc. (FLI), the property development arm of tycoon Andrew Gotianun, said yesterday its sales take-up for the 11 months ending November this year grew 48 percent to P8.9 billion.

In a disclosure to the Philippine Stock Exchange, FLI said all products — from socialized housing, affordable housing to middle-income housing as well as high-end projects — boosted sales. Its mid-rise building (MRB) projects, however, posted the highest growth in sales.

The company has five MRB projects under the Oasis series in Metro Manila, namely, One Oasis Ortigas, Bali Oasis Marcos Highway, Maui Oasis Sta. Mesa, Sorrento Oasis Pasig and Capri Oasis Pasig. It also has One Oasis Cebu and One Oasis Davao. Recently, it announced two more additions to the Oasis series — Amalfi Oasis and San Remo Oasis, within the 50.5-hectare Citta de Mare in the South Road Properties in Cebu.

MRB projects are inner-city projects of several five-story buildings clustered around the central amenity area. MRBs offer a much better living environment due to its low-density development, compared to high-rise condominium buildings. The cost of one unit in an MRB is lesser due to lower construction cost attributable to the lower height of the building.

Amalfi Oasis will house 10 to 12 buildings, offering a total of 150 units which are slated for delivery to buyers by the end of 2011. Citta De Mare is under a joint venture agreement with the Cebu City government.

By February 2011, FLI targets to break ground on San Remo Oasis, its second project in Citta de Mare. It will have a total of eight buildings, with the first having 130 units.

Aside from Citta de Mare, FLI also has an MRB project in Mabolo, Cebu called One Oasis Cebu. The first building is already being turned over to buyers while the second will be ready for turnover by the end of this month. The first two buildings have a total of 220 units. Construction of the third building is targeted to start within the first quarter of next year.

FLI is also scheduled to break ground this Saturday on Sunrise Place Mactan, a four-hectare socialized housing project offering a total of 600 units.

Meanwhile, construction at the Grand Cenia Hotel and Residences is in full swing with the civil and structural works almost complete, while the architectural and interior works about 50 percent complete. This project is on track for turnover to buyers of the condominium units and the condotel rooms for hotel/room preparation by June 2011.

This 25-story project has two floors earmarked for BPO office space, and has 115 condominium units and 432 condotel rooms.