FLI to launch P30B worth of residential projects
Gotianun-led Filinvest Land Inc. is ramping up the development of residential projects this year with around P30 billion earmarked for new developments to meet the strong demand from the affordable and middle-income segment of the market.
Last year , FLI rolled out only P16 billion worth of residential developments.
FLI has built almost 200 residential projects across the country. It is the developer of large-scale townships nationwide which include Havila (306 hectares), Timberland Heights (677 hectares) and Manna East (60 hectares) in Rizal, Ciudad de Calamba (350 hectares), City di Mare in Cebu (50 hectares) and Palm Estates in Talisay City (51 hectares).
Apart from this, FLI is on track to meet its target of 1,600 square meters of gross leasable area by 2023 as it opens more office and retail projects.
As of the end of December last year, FLI had 31 office and retail developments with a total GLA of 712,000 sqm. Most of its projects can be found in Northgate Cyberzone-Filinvest City in Muntinlupa, other Metro Manila locations, Cebu City and Filinvest Mimosa+ Leisure City in Clark, Pampanga.
FLI has a pipeline of 21 recurring income developments with 500,000 square meters of additional GLA currently under construction
“Our outlook on the property sector remains positive, with our 37% year-on-year growth in reservation sales in 2018. We continue to focus on the more stable end-user market in the residential sector. We allocate significant resources toward growing our recurring rental income business, which is on track to meet our target of contributing 50% of FLI’s net income,” said Josephine Gotianun, CEO and president of FLI.