Filinvest posts P1.97-billion earnings for 9 months

MANILA, Philippines - Gotianun-led Filinvest Land Inc. grew its nine-month earnings by 18 percent to P1.97 billion, mainly driven by a 24 percent surge in real estate sales.

In a disclosure to the Philippine Stock Exchange (PSE), FLI said total revenues grew 17 percent to P7.43 billion as real estate sales increased to P5.36 billion.  Rental income generated from Festival Supermall, PBCom Tower and Northgate Cyberzone in Filinvest Corporate City, Alabang contributed P1.3 billion to total revenues, or 17 percent more than the previous year’s  P1.12 billion.

Sales take-up amounted to  P9.91 billion, up 17 percent from  P8.43 billion.

To ensure continued growth, FLI has lined up new projects at Timberland Heights, a 677-hectare master planned project in San Mateo, Rizal, one of which would be The Glades is a middle-income subdivision covering 11 hectares with lots ranging from 192 to 300 square meters. Each lot comes with a share at the Timberland Sports and Nature Club (TSNC) thus allowing each client to enjoy the 5-star amenities of the Sports and Nature Club.

FLI will soon offer the first phase of the The Leaf, a 96-room condotel attached to the Club. The Leaf will be on a 4,800 square meter property and will consist of eight interconnected buildings. It will be marketed as an investment product that will enable buyers to generate earnings from hotel operations by including their units in the rental pool. Each unit will be 30 square meters and will sell for P4.5 million.

The company will also launch its second project in Puerto Princesa, Palawan, called Futura Homes Palawan, an affordable housing project offering units priced at P850,000 to P1.2 million each.

For the full year of 2012, FLI has earmarked P15 billion for capital expenditures, P2.5 billion of which will go to construction of  additional office and retail space. This is in line with the group’s goal to  more than double the GLA of its BPO office buildings by 2015 from the end-2011 level.

At Northgate Cyberzone, the AZ Building is targeted for completion by January 2013, while construction of Plaz@ E is in full swing. Two more office buildings, AZ Twin 1 &2, recently broke ground, which when completed, will increase to 16 the number of FLI’s BPO office buildings at Northgate Cyberzone.

At the 1.2-hectare joint venture project with the provincial government of Cebu, work on the first BPO building has started, making available over 19,000 sqm of GLA.  When completed, the project, which will be called Filinvest Cebu Cyberzone, is projected to have a total of 4 buildings with a GLA of over 100,000 sqm.

For its retail portfolio, FLI is expanding the Festival Supermall at Filinvest Corporate City, as well as developing the first phase of Il Corso lifestyle strip of Citta di Mare, in the South Road Properties in Cebu.