FLI sees malls driving growth

MANILA, Philippines — Filinvest Land Inc. (FLI), the listed property arm of the Gotianun Group, sees strong growth prospects for its mall business, with the segment emerging as a major growth engine for the company.

“The mall business is no longer just a defensive buffer; it is a primary growth engine for the group,” FLI president and CEO Tristan Las Marias said.

Las Marias said Filinvest malls are evolving into preeminent lifestyle destinations that drive consistent recurring income.

FLI continues to aggressively scale its recurring income engine, with its mall business registering a 17-percent jump in leasing revenues to P744 million in the first quarter.

The company said the growth was supported by a portfolio-wide occupancy rate of 80 percent and a significant increase in consumer activity across its lifestyle hubs.

“With leasing revenues up by 17 percent and occupancy scaling to 80 percent, we are seeing the tangible results of our active asset enhancement strategy,” Las Marias said.

FLI said a key highlight for its mall business during the first quarter was the performance of regional flagships such as Il Corso in Cebu, which recorded a 33-percent expansion in foot traffic following targeted asset enhancements.

Il Corso is a retail development with an estimated 34,000 square meters of leasable area in the City di Mare estate development of Filinvest in the South Reclamation Area of Cebu City.

FLI’s mall business is transitioning from a period of stabilization into a high-growth phase, driven by curated tenant mixes and a focus on community-centric retail experiences.

The company said the growth in the mall business was a major contributor to its consolidated revenue of P6.31 billion from January to March.